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Ellsworth Growth and Income Fund Ltd. Announces the Placement of $25 Million of Series B Cumulative Preferred Shares
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RYE, N.Y.--(BUSINESS WIRE)--
The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) (the “Fund”) is pleased to announce the issuance of Series B Cumulative Preferred Shares (“Series B Preferred”) with an aggregate liquidation value of approximately $25 million.
The Series B Preferred is puttable on June 26, 2023 and June 26, 2024, and is callable after June 26, 2024. Distributions are at an annual rate of 4.40% of the $10.00 per share liquidation preference of the Series B Preferred and are scheduled to be paid semiannually beginning on December 26, 2022.
The Board of Trustees would like to thank all participants in the offering.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information about the Fund, call:
Bethany Uhlein (914) 921-5546
About Ellsworth Growth and Income Fund
Ellsworth Growth and Income Fund Ltd. is a diversified, closed-end management investment company with $191 million in total net assets. ECF invests primarily in convertible securities and common stock with the objectives of providing income and the potential for capital appreciation, 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).
gamco investors, inc. (nyse:gbl) is a well-established provider of investment advisory services to open and closed-end funds, institutional, and private wealth management investors. since mario j. gabelli founded the firm in 1977, gamco has been recognized for its research driven approach to equity investing and our proprietary private market value (pmv) with a catalyst™ stock selection strategy. as of december 31, 2016, the company has $39.7 billion aum, 95% of which is invested in equities, principally through our two registered investment advisers: gamco asset management inc. (“institutional and private wealth management”) and gabelli funds, llc (“funds”). g.distributors, llc (“g.distributors”) acts as an underwriter and distributor for our open-end funds.
