* Gets credit line of $50 mln from BB&T

* Repays all amounts due to Deutsche Bank

April 14 (Reuters) - Gladstone Investment Corp (GAIN.O: Quote, Profile, Research) said it entered into an agreement for a $50 million revolving line of credit with Branch Banking and Trust Co (BB&T) and has fully repaid all amounts due to Deutsche Bank AG under a previous arrangement.

"The BB&T facility may be expanded up to $125 million through the addition of other committed lenders to the facility," the investment company said in a statement.

The BB&T facility matures on April 14, 2010, and if it is not renewed or extended, all principal and interest will be payable within one year of the maturity date, the company said.

Separately in a regulatory filing, Gladstone said it had agreed to sell 29 of the 34 senior syndicated loans that were held in its portfolio as on December 31, 2008.

It said the loans had a cost value of about $102 million, or 22 percent of the cost value of its total investments.

In February, Gladstone Investment said it does not have available funds under its existing line of credit to make new investments, after it had announced it may breach covenants under its credit facility. [ID:nBNG424099]

Shares of the Mclean, Virginia-based company closed down more than 11 percent at $4.14 Tuesday on the Nasdaq. (Reporting by Santosh Nadgir in Bangalore; Editing by Deepak Kannan)