<SEC-DOCUMENT>0001193125-22-084649.txt : 20230209
<SEC-HEADER>0001193125-22-084649.hdr.sgml : 20230209
<ACCEPTANCE-DATETIME>20220325083553
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-084649
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE CAPITAL CORP
		CENTRAL INDEX KEY:			0001143513
		IRS NUMBER:				542040781
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703-287-5800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="bottom">Proskauer Rose LLP&nbsp;&nbsp;&nbsp;&nbsp;1001 Pennsylvania Avenue, NW Suite 600 South&nbsp;&nbsp;&nbsp;&nbsp;Washington, DC 20004-2533</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;25, 2022</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By EDGAR</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United&nbsp;States&nbsp;Securities&nbsp;and&nbsp;Exchange&nbsp;Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn: Ashley <FONT
STYLE="white-space:nowrap">Vroman-Lee</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">William J. Tuttle <BR>Partner</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">d+1.202.416.6860</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">f+1.202.416.6899</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WTuttle@proskauer.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.proskauer.com</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Gladstone Capital Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14,</FONT> File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262928</FONT>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Gladstone Capital
Corporation, a Maryland corporation (the &#147;<U>Company</U>&#148;), we hereby respond to the comment raised by the staff (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) regarding the
Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14,</FONT> File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262928</FONT> (the &#147;<U>Registration Statement</U>&#148;), on March&nbsp;24, 2022 between Ashley <FONT
STYLE="white-space:nowrap">Vroman-Lee</FONT> of the Staff and William J. Tuttle of Proskauer Rose LLP, outside counsel to the Company. For your convenience, a transcription of the Staff&#146;s comment is included in this letter, and is followed by
the response. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise the penultimate paragraph of the Company&#146;s supplemental letter dated March&nbsp;23, 2022
as follows: </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>The Company will make each person participating in the Registered Exchange Offer aware (through the
Prospectus or otherwise), <U>and will include in the transmittal letter an acknowledgment to be executed by each person participating in the Registered Exchange Offer,</U> that if such person is participating in the Registered Exchange Offer for the
purpose of distributing the New Notes to be acquired in the Registered Exchange Offer, such person (i)&nbsp;could not rely on the staff position enunciated in </B><B><I>Exxon Capital Holdings Corp. </I></B><B>(available May&nbsp;13, 1988) or similar
interpretive letters and (ii)&nbsp;must comply with registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction, <U>and be identified as an underwriter in the prospectus</U>, unless made
pursuant to an exemption from or not subject to such requirements. The Company acknowledges that such secondary resale transactions should be covered by an effective registration statement containing the selling security holder information required
by Item 507 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> promulgated under the Securities Act or Item 5 of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> as applicable. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Beijing | Boca Raton |
Boston | Chicago | Hong Kong | London | Los Angeles | New Orleans | New York | Paris | S&#227;o Paulo | Washington, DC </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ashley Vroman-Lee </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 25,
2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As requested, the supplemental letter revised consistent with the above comment is attached as Exhibit A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions, please
feel free to contact the undersigned by telephone at 202.416.6860 (or by email at wtuttle@proskauer.com) or Erin Lett by telephone at 202.416.6829 (or by email at elett@proskauer.com). Thank you for your cooperation and attention to this matter.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ William J. Tuttle </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">William J. Tuttle&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nicole Schaltenbrand, Gladstone Capital Corporation </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michael LiCalsi, The Gladstone Companies </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Erich Hellmold, The Gladstone Companies </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Erin Lett, Proskauer Rose LLP </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GLADSTONE CAPITAL CORPORATION </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1521 WESTBRANCH DRIVE, SUITE 100 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MCLEAN, VIRGINIA 22102 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;25, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VIA EDGAR </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment
Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Ashley <FONT STYLE="white-space:nowrap">Vroman-Lee</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Gladstone Capital Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14,</FONT> File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262928</FONT>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Gladstone Capital
Corporation (the &#147;<U>Company</U>&#148;) is registering the exchange offer (the &#147;<U>Registered Exchange Offer</U>&#148;) described in the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14</FONT> (Registration <FONT
STYLE="white-space:nowrap">No.&nbsp;333-262928)</FONT> (the &#147;<U>Registration Statement</U>&#148;) and the prospectus contained therein (the &#147;<U>Prospectus</U>&#148;) relating to the registration of $50.0&nbsp;million aggregate principal
amount of the Company&#146;s 3.75% Notes due 2027 (the &#147;<U>New Notes</U>&#148;), which are to be registered under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;). The New Notes will be offered in exchange for an
equal principal amount of the Company&#146;s issued and outstanding 3.75% Notes due 2027 (the &#147;<U>Old Notes</U>&#148;). The New Notes are being registered in reliance on the position of the staff enunciated in <I>Exxon Capital Holdings Corp.
</I>(available May&nbsp;13, 1988), <I>Morgan Stanley and Co. Inc. </I>(available June&nbsp;5, 1991) and <I>Shearman</I><I></I><I>&nbsp;&amp; Sterling</I> (available July&nbsp;2, 1993). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has not entered into any arrangement or understanding with any person to distribute the securities to be received in the
Registered Exchange Offer and, to the best of the Company&#146;s information and belief, each person participating in the Registered Exchange Offer: (i)&nbsp;is neither an &#147;affiliate&#148; of the Company within the meaning of the Securities
Act, nor a broker-dealer acquiring the New Notes in exchange for Old Notes acquired directly from the Company for its own account; (ii)&nbsp;is acquiring the New Notes in its ordinary course of business; and (iii)&nbsp;is not engaged in, and does
not intend to engage in, the distribution of the New Notes to be received in the Registered Exchange Offer and has no arrangement or understanding with any person to participate in the distribution of the securities to be received in the Registered
Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will make each person participating in the Registered Exchange Offer aware (through the Prospectus or
otherwise) and will include in the transmittal letter an acknowledgment to be deemed executed by each person participating in the Registered Exchange Offer, that if such person is participating in the Registered Exchange Offer for the purpose of
distributing the New Notes to be acquired in the Registered Exchange Offer, such person (i) </P>
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could not rely on the staff position enunciated in <I>Exxon Capital Holdings Corp.</I> (available May&nbsp;13, 1988) or similar interpretive letters and (ii)&nbsp;must comply with registration
and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction, and be identified as an underwriter in the prospectus, unless made pursuant to an exemption from or not subject to such requirements. The
Company acknowledges that such secondary resale transactions should be covered by an effective registration statement containing the selling security holder information required by Item 507 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT>
promulgated under the Securities Act or Item 5 of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will make
each person participating in the Registered Exchange Offer aware (through the Prospectus or otherwise) that (i)&nbsp;any broker-dealer who holds Old Notes acquired for its own account as a result of market-making activities or other trading
activities, and who receives New Notes in exchange for such Old Notes pursuant to the Registered Exchange Offer, may be a statutory underwriter and must deliver a prospectus meeting the requirements of the Securities Act in connection with any
resales of such New Notes, which may be the Prospectus so long as it contains a plan of distribution in connection with any such resale transactions and (ii)&nbsp;by delivering the letter of transmittal (or similar documentation to be executed by a
person in order to participate in the Registered Exchange Offer), any such broker-dealer represents that it will so deliver a prospectus meeting the requirements of the Securities Act. The Company will include in the letter of transmittal (or
similar documentation to be executed by a person in order to participate in the Registered Exchange Offer) a provision stating that: If the tendering holder is a broker-dealer that will receive New Notes for its own account in exchange for Old
Notes, where the Old Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities, it acknowledges that it will comply with the prospectus delivery requirements of the Securities Act in connection
with any sale or other transfer of the New Notes received in the Registered Exchange Offer. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Gladstone Capital Corporation</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nicole Schaltenbrand</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nicole Schaltenbrand</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer and Treasurer</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
