Gabelli Equity Trust Announces Redemption of 5.45% Series J Cumulative Preferred Stock and Ongoing Closing of Private Placement of 4.25% Series M Cumulative Preferred Stock
06 Gennaio 2022 - 6:26PM
Business Wire
The Board of Directors (the “Board”) of The Gabelli Equity Trust
(NYSE: GAB) (the “Fund”) authorized the redemption of all of its
5.45% Series J Cumulative Preferred Stock (the “Series J
Preferred”). The redemption date is January 31, 2022 (the
“Redemption Date”), and the redemption price is $25.132465 (the
“Redemption Price”) per Series J Preferred, which is equal to the
liquidation preference of $25.00 per share plus $0.132465 per share
representing accumulated and unpaid dividends and distributions to
the Redemption Date.
Beginning on the Redemption Date, the Series J Preferred will no
longer be deemed outstanding, dividends will cease to accumulate
and all the rights of the holders of the Series J Preferred shares
will cease with respect to the Series J Preferred, except the right
to receive the Redemption Price.
The Board also is pleased to announce an ongoing closing of a
private placement of shares of 4.25% Series M Cumulative Preferred
Stock (“Series M Preferred”). The Fund expects to use the proceeds
from the Series M Preferred to redeem the Fund’s outstanding 5.45%
Series J Cumulative Preferred Stock.
This press release is not an offering of, or a solicitation
to purchase, the Series M Preferred. The Series M Preferred have
not been registered under the Securities Act of 1933 or any state
securities laws.
For more information regarding this and other information about
the Fund, call:
Molly Marion
Laurissa Martire
Bethany Uhlein
Paul Swirbul
914-921-5681
914-921-5399
914-921-5546
914-921-5084
About The Gabelli Equity Trust
The Gabelli Equity Trust Inc. is a non-diversified, closed-end
management investment company with $2.3 billion in total net assets
whose primary investment objective is long-term growth of capital.
The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO
Investors, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20220106005752/en/
Investor Information:: Paul Swirbul V.P., Private Wealth
914-921-5084 pswirbul@gabelli.com
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