Ellsworth Growth and Income Fund Ltd. Announces the Offering of $30 Million of 5.25% Series A Cumulative Preferred Shares
September 13 2017 - 4:26PM
Business Wire
The Board of Trustees of Ellsworth Growth and Income Fund Ltd.
(NYSE American: ECF) (the “Fund”) is pleased to announce the
pricing of an offering of 1.2 million 5.25% Series A Cumulative
Preferred Shares (“Series A Preferred”) with an aggregate
liquidation value of $30 million. The offering is expected to close
on Monday, September 18, 2017, subject to customary closing
conditions.
The Fund expects to use the proceeds from the offering for
investment purposes consistent with the Fund’s investment
objectives.
The Series A Preferred is perpetual, non-callable for five
years, and has a liquidation value of $25 per share. Distributions
are scheduled to be paid quarterly beginning on December 26, 2017.
Shares of the Series A Preferred are expected to commence trading
on the NYSE American under the symbol “ECF Pr A” 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 Morgan Stanley. G.research, LLC also
participated in the offering.
Ellsworth Growth and Income Fund Ltd. is a diversified,
closed-end management investment company with $132 million in total
net assets. The Fund invests primarily in convertible securities,
with the objectives of providing income and the potential for
capital appreciation; which objectives the Fund considers to be
relatively equal, over the long-term, due to the nature of the
securities in which it invests. 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 A Preferred and the Fund’s base prospectus contain
this and additional information about the Ellsworth Growth and
Income Fund and the Series A Preferred, and should be read
carefully before investing. Visit www.gabelli.com
for more information about the Fund.
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version on businesswire.com: http://www.businesswire.com/news/home/20170913006462/en/
For Ellsworth Growth and Income Fund Ltd.Bethany Uhlein,
914-921-5070
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