An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Gabelli Dividend & Income Trust Commences Exchange Offer for Auction Rate Preferred Shares
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the “Fund”) authorized an exchange offer (the “Offer”) for its Series B Auction Market Preferred Shares, Series C Auction Market Preferred Shares, and Series E Auction Rate Preferred Shares (the “Auction Rate Preferred Shares”).
Under the terms of the Offer, which commences March 17, 2021 and expires April 14, 2021, existing owners of the Auction Rate Preferred Shares may exchange their Auction Rate Preferred Shares at the Exchange Ratio of 0.96 of each newly issued Series J Preferred Term Share, par value $0.001 and liquidation preference of $25,000 per share, (the “Series J Preferred”), for each Auction Rate Preferred Share validly tendered and not withdrawn pursuant to the Offer. In lieu of any fractional shares of Series J Preferred Shares, holders of Auction Rate Preferred Shares following the consummation of the Exchange Offer shall receive a cash amount, without interest, equal to 96.0% of the Liquidation Preference of any fractional shares remaining.
The Series J Preferred will have a mandatory redemption date of March 26, 2028, and will pay dividends quarterly at an annualized rate of 1.70% for Year 1 through Year 3 and 4.50% for the dividend periods occurring in Year 4 and all future Years. The Series J Preferred is callable by The Fund on March 26, 2024, at the liquidation preference plus accrued and unpaid dividends.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information about the Fund is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com.
About The Gabelli Dividend & Income Trust
The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company with $2.7 billion in total net assets whose primary investment objective is to provide a high level of total return with an emphasis on dividends and income. 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.
