Gabelli Multimedia Trust Announces the Offering of $50 Million of 5.125% Series E Cumulative Preferred Stock
September 21 2017 - 4:05PM
Business Wire
The Board of Directors of The Gabelli Multimedia Trust Inc.
(NYSE:GGT) (the “Fund”) is pleased to announce the pricing of an
offering of 2 million shares of 5.125% Series E Cumulative
Preferred Stock (“Series E Preferred”) with an aggregate
liquidation value of $50 million. The offering is expected to close
on Tuesday, September 26, 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 E 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 E Preferred are expected to commence trading
on the New York Stock Exchange under the symbol “GGT Pr E” within
thirty days of the date of issuance.
The Board of Directors would like to thank all participants in
the offering, which was led by BofA Merrill Lynch and UBS
Investment Bank. G.research, LLC also participated in the
offering.
The Gabelli Multimedia Trust Inc. is a non-diversified,
closed-end management investment company with $246 million in total
net assets whose primary investment objective is long-term growth
of capital. Income is a secondary objective of the Fund. 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 objectives, risks, charges and expenses carefully before
investing. The Fund’s prospectus supplement relating to the Series
E Preferred and the Fund’s base prospectus contain this and
additional information about The Gabelli Multimedia Trust Inc. and
the Series E 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/20170921006138/en/
For The Gabelli Multimedia Trust Inc.Laurissa Martire,
914-921-5070
Gamco Investors (NYSE:GBL)
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