Gabelli Global Utility & Income Trust Announces Additional Put Dates for Series B Preferred Shares

Rhea-AI Summary

Gabelli Global Utility & Income Trust has announced important updates regarding its Series B Preferred Shares. The Board of Trustees has approved new put dates for shareholders, offering increased flexibility for investors.

Key details of the announcement:

• The Series B Preferred maintains a 5.20% annual dividend rate
• Shareholders can now put their shares during five 60-day periods ending on: - June 26, 2025 - December 26, 2025 - June 26, 2026 - December 26, 2026 - June 26, 2027
• After these dates, the Series B preferred becomes perpetual
• Shares are callable at $50.00 per share plus accrued dividends

The Series B Preferred Shares, trading under symbol GLU Pr B on NYSE American, were originally issued on December 19, 2018, at $50.00 per share. Investors can get more information by calling 800-GABELLI or visiting the company website.

Positive

• 5.20% annual dividend rate provides steady income stream for Series B Preferred shareholders
• Multiple put options available through June 2027 offer flexibility and liquidity for preferred shareholders
• Series B Preferred shares maintain $50.00 per share liquidation value

Negative

• Series B Preferred becomes perpetual after June 2027, reducing shareholder flexibility
• Callable nature of shares creates potential forced redemption risk for investors seeking long-term income

Insights

Financial Analyst specializing in Closed-End Funds

Gabelli Fund adds five redemption windows for preferred shareholders, maintaining 5.20% yield before shares become perpetual after June 2027.

The announcement from Gabelli Global Utility & Income Trust regarding additional put dates for their Series B Preferred shares represents a significant structural enhancement to these securities. The Board has approved five specific 60-day redemption windows ending on June 26 and December 26 in 2025 and 2026, plus June 26, 2027, after which these shares will convert to perpetual status.

This creates a hybrid security structure - functioning first as a series of term preferreds with predetermined liquidity windows, then transitioning to perpetual preferred shares. During these windows, holders can put their shares back to the Fund at the $50.00 liquidation value plus accrued dividends.

The Series B Preferred continues to carry a 5.20% annual dividend rate throughout this period. This rate remains unchanged from when these shares were initially issued in December 2018 at $50.00 per share.

From a structural perspective, these put options provide predictable liquidity exit points for preferred shareholders while giving the Fund definitive visibility into potential redemption timeframes. The Fund also retains call rights, maintaining flexibility on its capital structure management.

This arrangement effectively extends the put feature that would otherwise expire, providing preferred shareholders with additional redemption opportunities through mid-2027. For holders of these preferred shares, this announcement delivers enhanced optionality and liquidity planning capabilities without altering the fundamental economics of their investment.

RYE, N.Y., April 28, 2025 (GLOBE NEWSWIRE) -- The Board of Trustees of the Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) has approved additional put dates 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 June 26, 2025, December 26, 2025, June 26, 2026, December 26, 2026 and June 26, 2027 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 $122 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 are the new put dates for GLU Series B Preferred Shares in 2025-2027?

GLU Series B Preferred shareholders can put their shares during 60-day periods ending June 26, 2025, December 26, 2025, June 26, 2026, December 26, 2026, and June 26, 2027. After these dates, the Series B preferred becomes perpetual.

What is the dividend rate for Gabelli Global Utility & Income Trust Series B Preferred?

The Series B Preferred shares of GLU offer an annual dividend rate of 5.20%.

How can GLU Series B Preferred shares be called by the fund?

GLU Series B Preferred shares can be called by the fund after proper notification at the liquidation value of $50.00 per share plus accrued dividends.

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

GLU Series B Preferred shares were issued on December 19, 2018, at $50.00 per share and trade on the NYSE American under the symbol GLU Pr B.

How can investors get more information about GLU Preferred shares?

Investors can get more information about GLU by calling 800-GABELLI (800-422-3554), visiting www.gabelli.com, or emailing ClosedEnd@gabelli.com.