Gabelli Dividend & Income Trust Commences Exchange Offer for Auction Rate Preferred Shares
March 17 2021 - 5:22PM
Business Wire
The Board of Trustees of The Gabelli Dividend & Income Trust
(NYSE:GDV) (the “Fund”) authorized an exchange offer (the “Offer”)
for its Series B Auction Market Preferred Shares, Series C Auction
Market Preferred Shares, and Series E Auction Rate Preferred Shares
(the “Auction Rate Preferred Shares”).
Under the terms of the Offer, which commences March 17, 2021 and
expires April 14, 2021, existing owners of the Auction Rate
Preferred Shares may exchange their Auction Rate Preferred Shares
at the Exchange Ratio of 0.96 of each newly issued Series J
Preferred Term Share, par value $0.001 and liquidation preference
of $25,000 per share, (the “Series J Preferred”), for each Auction
Rate Preferred Share validly tendered and not withdrawn pursuant to
the Offer. In lieu of any fractional shares of Series J Preferred
Shares, holders of Auction Rate Preferred Shares following the
consummation of the Exchange Offer shall receive a cash amount,
without interest, equal to 96.0% of the Liquidation Preference of
any fractional shares remaining.
The Series J Preferred will have a mandatory redemption date of
March 26, 2028, and will pay dividends quarterly at an annualized
rate of 1.70% for Year 1 through Year 3 and 4.50% for the dividend
periods occurring in Year 4 and all future Years. The Series J
Preferred is callable by The Fund on March 26, 2024, at the
liquidation preference plus accrued and unpaid dividends.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund before investing. More
information regarding the Fund’s distribution policy and other
information about the Fund is available by calling 800-GABELLI
(800-422-3554) or visiting www.gabelli.com.
About The Gabelli Dividend & Income Trust The Gabelli
Dividend & Income Trust is a diversified, closed-end management
investment company with $2.7 billion in total net assets whose
primary investment objective is to provide a high level of total
return with an emphasis on dividends and income. The Fund is
managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors,
Inc. (NYSE:GBL).
NYSE – GDV CUSIP – 36242H104
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version on businesswire.com: https://www.businesswire.com/news/home/20210317005846/en/
Carter Austin (914) 921-5475 caustin@gabelli.com
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