Gladstone Capital Corp. (Nasdaq: GLAD) shares are down in heavier-than-average volume after the money lender announced before the opening that it priced a three million-share public offering at $17 apiece. The McLean, Va.-based firm said it will use the proceeds from the sale to repay short-term debt.

The company, which lends money to small and medium-sized businesses, said the offering’s underwriters — Deutsche Bank (NYSE: DB) Securities Inc., Oppenheimer & Co. and Robert W. Baird & Co. — are allowed to grant a 30-day option to buy up to 450,000 additional shares of common stock. The offering is expected to close on Feb. 5.

In afternoon trading, GLAD shares are down 4.86%, or $0.84, at $16.44. Over the last 52 weeks, shares have ranged from $15.91 to $24.84.

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