Chicago, March 28 – GDL Fund placed $35 million, or 3.5 million, series E cumulative term preferred shares with a mandatory redemption date of March 26, 2025, according to a press release.
The par of $10.00 shares have a total liquidation value of $35 million.
Distributions start at 4% for the first year, payable quarterly. The distribution rate steps up to 4.25% on March 26, 2023.
The shares are putable annually on March 26, 2023 and March 26, 2024.
They are callable on March 26, 2024.
GDL Fund, formerly known as the Gabelli Global Deal Fund, is a non-diversified closed-end management investment company based in Rye, N.Y. The fund is managed by Gabelli Funds, LLC, a subsidiary of Gamco Investors, Inc.
| Issuer: | GDL Fund
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| Amount: | $35 million, or 3.5 million
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| Issue: | Series E cumulative term preferred shares
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| Maturity: | March 26, 2025
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| Dividend: | 4% until March 26, 2023; 4.25% thereafter
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| Price: | Par of $10.00
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| Call features: | March 26, 2024
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| Puts: | March 26, 2023 and March 26, 2024
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| Announcement date: | March 28
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