Gabelli Dividend & Income Trust Announces the Offering of $50 Million of 5.375% Series H Cumulative Preferred Shares
June 04 2019 - 4:30PM
Business Wire
The Board of Trustees of The Gabelli Dividend & Income Trust
(NYSE:GDV) (the “Fund”) is pleased to announce the pricing of an
offering of two million 5.375% Series H Cumulative Preferred Shares
(“Series H Preferred”) with an aggregate liquidation value of $50
million. The offering is expected to close on Friday, June 7, 2019,
subject to customary closing conditions.
The Fund expects to use the net proceeds from the offering to
redeem a portion of the Fund’s outstanding Series E Auction Rate
Preferred Shares.
The Series H Preferred is perpetual, non-callable for five
years, and will have a liquidation preference of $25 per share.
Distributions are scheduled to be paid quarterly beginning on
September 26, 2019. Shares of the Series H Preferred are expected
to commence trading on the New York Stock Exchange under the symbol
“GDV Pr H” within thirty days of the date of issuance.
The Board of Trustees would like to thank all participants in
the offering, which was led by UBS Securities LLC and Wells Fargo
Securities, LLC. G.research, LLC also participated in the
offering.
The Gabelli Dividend & Income Trust is a diversified,
closed-end management investment company with $2.3 billion in total
net assets whose primary investment objective is to provide a high
level of total return on its assets with an emphasis on dividends
and income. The Fund is managed by Gabelli Funds, LLC, a subsidiary
of GAMCO Investors, Inc. (NYSE:GBL).
A registration statement relating to these securities has
been filed with the Securities and Exchange Commission and is
effective. This press release is not an offering, which can
only be made by a prospectus. Investors should consider the
Fund’s investment objective, risks, charges, and expenses carefully
before investing. The Fund’s prospectus supplement relating
to the Series H Preferred and the Fund’s base prospectus contain
this and additional information about The Gabelli Dividend &
Income Trust and the Series H Preferred, and should be read
carefully before investing. Visit www.gabelli.com
for more information about the Fund.
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