Gladstone Capital Corporation Invests in WadeCo Specialties Inc.
MCLEAN, Va., March 10, 2014 /PRNewswire/ -- Gladstone Capital Corporation (NASDAQ: GLAD) ("Gladstone Capital") announces today that on March 6, 2014, it invested $11.3 million through a combination of debt and equity to support a private equity sponsor's investment in WadeCo Specialties Inc ("WadeCo").
Founded in 2005 and headquartered in Midland, TX, WadeCo provides production well chemicals to oil well operators used for corrosion prevention; separating oil, gas and water once extracted; bacteria growth management; and conditioning water utilized for hydraulic fracturing. WadeCo bases its individualized treatment programs on the unique characteristics of each well.
"Gladstone Capital is excited to support WadeCo as it provides mission-critical products and services to operators so that they are able to maintain energy production from their wells. We look forward to working with the sponsor and the management team at WadeCo to support the continued expansion of the business," said John Freal, a Managing Director of Gladstone Capital.
Gladstone Capital Corporation is a publicly traded business development company that invests in debt and equity securities, consisting primarily of senior term loans, second term lien loans, and senior subordinated term loans in small and medium sized businesses in the United States. The Company has paid 125 consecutive monthly cash distributions on its common stock. Before the Company started paying monthly distributions, the Company paid eight consecutive quarterly cash distributions on its common stock. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
The statements in this press release regarding the longer-term prospects of WadeCo and its management team, and the ability of WadeCo to grow and expand are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on the Company's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Capital's filings with the Securities and Exchange Commission. Gladstone Capital undertakes no obligation to publicly release the result of any revisions to these forward looking statements that may be made to reflect any future events or otherwise, except as required by law.
SOURCE Gladstone Capital Corporation