Gabelli Utility Trust Announces the Offering of $50 Million of 5.375% Series C Cumulative Preferred Shares
May 26 2016 - 8:00AM
Business Wire
The Board of Trustees of The Gabelli Utility Trust (NYSE:GUT)
(the “Fund”) is pleased to announce the completion of an offering
of 2.0 million shares of 5.375% Series C Cumulative Preferred
Shares (“Series C Preferred”) valued at $50 million. The offering
is expected to close on Tuesday, May 31, 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
objectives.
The Series C 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 C Preferred are expected to commence trading
on the New York Stock Exchange under the symbol “GUT Pr C” 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.
G.research, LLC also participated in the offering.
The Gabelli Utility Trust is a diversified, closed-end
management investment company with approximately $290 million in
total net assets whose primary investment objective is long-term
growth of capital and income by investing at least 80% of its
assets, under normal market conditions, in common stocks and other
securities of utility companies involved in providing products,
services, or equipment for (i) the generation and distribution of
electricity, gas, and water and (ii) telecommunications services or
infrastructure operations. The Fund is managed by Gabelli Funds,
LLC, a subsidiary of GAMCO Investors, Inc., which is a publicly
traded NYSE listed company (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 C Preferred and the Fund’s base prospectus contain this and
additional information about The Gabelli Utility Trust and the
Series C Preferred, and should be read carefully before investing.
Visit www.gabelli.com for more information about the
Fund.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160526005414/en/
The Gabelli Utility TrustDavid Schachter, 914-921-5070
Gamco Investors (NYSE:GBL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gamco Investors (NYSE:GBL)
Historical Stock Chart
From Apr 2023 to Apr 2024