Gabelli Global Utility & Income Trust Adds June 26, 2025 as Put Date for Series B Preferred Shares

Rhea-AI Summary

The Gabelli Global Utility & Income Trust (NYSE American: GLU) Board has approved June 26, 2025 as an additional put date for Series B Cumulative Puttable and Callable Preferred Shares. The Series B Preferred, trading under GLU Pr B, offers a 5.20% annual dividend rate. Shareholders can put their shares during 60-day periods ending December 26, 2024 and June 26, 2025, after which the shares become perpetual. Originally issued at $50.00 per share on December 19, 2018, the preferred shares are callable at the liquidation value of $50.00 plus accrued dividends.

Positive

• 5.20% annual dividend rate provides steady income stream
• Additional put option date gives shareholders more flexibility for exit

Negative

• Series B Preferred shares will become perpetual after June 2025, reducing shareholder exit options

News Market Reaction

+0.56%

1 alert

+0.56% News Effect

On the day this news was published, GLU gained 0.56%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

RYE, N.Y., Nov. 18, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of the Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) has approved June 26, 2025 as an additional put date for the Series B Cumulative Puttable and Callable Preferred Shareholders (the “Series B Preferred”). The annual dividend rate of the Series B Preferred is 5.20%.

Each Series B Preferred shareholder now has the right to put their shares to the Fund in each of the 60-day periods ending December 26, 2024 and June 26, 2025, after which the Series B preferred becomes perpetual.

The Series B preferred shares are callable, after proper notification is given, at the liquidation value of $50.00 per share plus accrued dividends.

As background, the Series B Preferred Shares, which trade on the NYSE American under the symbol “GLU Pr B”, were issued on December 19, 2018, at $50.00 per share.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding this and other information about the Fund is available by calling 800-GABELLI (800-422-3554), visiting www.gabelli.com, or emailing ClosedEnd@gabelli.com.

About The Gabelli Global Utility & Income Trust

The Gabelli Global Utility & Income Trust is a diversified, closed-end management investment company with $124 million in total net assets whose primary investment objective is to seek a consistent level of after-tax total return for its investors with an emphasis on tax-advantaged dividend income under current tax law. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE American – GLU PrB
CUSIP – 36242L303

For information:
Adam Tokar
(914) 457-1079

Investor Relations Contact:
Adam Tokar
(914) 457-1079
atokar@gabelli.com

FAQ

What is the new put date for GLU Series B Preferred shares?

The new put date is June 26, 2025, which is in addition to the existing December 26, 2024 put date.

What is the dividend rate for GLU Series B Preferred shares?

The Series B Preferred shares offer a 5.20% annual dividend rate.

When were GLU Series B Preferred shares originally issued and at what price?

The Series B Preferred shares were issued on December 19, 2018, at $50.00 per share.

What happens to GLU Series B Preferred shares after June 2025?

After June 26, 2025, the Series B Preferred shares will become perpetual.