04:34 AM EDT, 09/10/2025 (MT Newswires) -- Gladstone Capital ( GLAD ) said late Tuesday it priced a $130 million public offering of 5.875% convertible notes due 2030 at 98.5% of face value.

The offering was upsized from the previously planned $110 million.

Additionally, the company granted underwriters a 30-day option to purchase an additional $19.5 million of the notes to cover over-allotments.

Gladstone said it expects to use net proceeds from the offering to pay down debt under its revolving credit facility and for other general corporate purposes.

The company plans to reborrow from that facility to redeem its 5.125% notes due 2026 and 7.75% notes due 2028, it said.