Business Context and Reporting Period
This Form 8-K was filed by Gladstone Investment Corporation on December 7, 2006, reporting a significant investment event that occurred on the same date.
Key Financial Metrics and Transaction Details
The filing details a specific investment transaction rather than periodic financial performance metrics such as revenue or net income.
- Total Investment Amount: Approximately $18.4 million.
- Target Company: Noble Logistics Services, Inc. (NLS) and its subsidiaries.
- Investment Structure:
- Preferred and common stock: $3.3 million.
- Senior notes: $14.0 million.
- Short-term notes: $0.5 million.
- Revolving credit facility: $0.6 million drawn (total capacity $2.0 million).
- Funding Source: Proceeds from the company's initial public offering in June 2005.
Material Changes
The filing reports a material change in the company's asset portfolio through the acquisition of equity and debt securities in NLS. No comparative financial data or changes versus prior periods are provided in this specific report.
Outlook, Risks, and Management Commentary
The filing describes NLS as a Houston, Texas-based provider of time-sensitive local and regional delivery services to wholesalers of aftermarket automotive repair components and pharmaceutical distributors. The document does not contain forward-looking guidance, specific risk factors, or management commentary beyond the description of the transaction.
Key Facts for Investor Verification
- Verify the total capital deployed ($18.4 million) against the company's available cash from the 2005 IPO.
- Confirm the terms and interest rates of the $14.0 million senior notes and $0.5 million short-term notes.
- Assess the remaining borrowing capacity ($1.4 million) under the $2.0 million revolving credit facility.
- Review the financial health and operational performance of Noble Logistics Services, Inc. as the underlying asset.