Gabelli Dividend & Income Trust Announces the Offering of $100 Million of 5.25% Series G Cumulative Preferred Shares
June 28 2016 - 4:15PM
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 four million 5.25% Series G Cumulative Preferred Shares
(“Series G Preferred”) with an aggregate liquidation value of $100
million. The offering is expected to close on Friday, July 1, 2016,
subject to customary closing conditions.
The Fund expects to use the proceeds from the offering for
investment purposes consistent with the Fund’s investment
objective.
The Series G Preferred is perpetual, non-callable for five
years, and will be issued at $25 per share. Distributions are
scheduled to be paid quarterly beginning on September 26, 2016.
Shares of the Series G Preferred are expected to commence trading
on the New York Stock Exchange under the symbol “GDV Pr G” 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 & Co. 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 $2.1 billion in total
net assets whose 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), which is a publicly traded NYSE
listed company.
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 G Preferred and the Fund’s base prospectus contain this and
additional information about The Gabelli Dividend & Income
Trust and the Series G Preferred, and should be read carefully
before investing. Visit www.gabelli.com for
more information about the Fund.
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