By Stephanie N. Rotondo
Phoenix, Sept. 17 – The Gabelli Healthcare & WellnessRx Trust (expected rating: Moody’s: A2) priced $35 million of 5.875% series B cumulative perpetual preferred shares on Wednesday, according to a market source.
BofA Merrill Lynch is the bookrunner.
Dividends are payable on the 26th day of March, June, September and December. The preferreds become redeemable on or after Sept. 24, 2019 at par plus accrued dividends.
The company will apply to list the new preferreds on the New York Stock Exchange.
Proceeds will be used for investments.
Gabelli Healthcare is a Rye, N.Y.-based diversified, closed-end management investment company.
| Issuer: | The Gabelli Healthcare & WellnessRx Trust
|
| Securities: | Series B cumulative preferred stock
|
| Amount: | $35 million, or 1.4 million shares
|
| Maturity: | Perpetual
|
| Bookrunner: | BofA Merrill Lynch
|
| Dividend: | 5.875%
|
| Price: | Par of $25.00
|
| Yield: | 5.875%
|
| Talk: | 5.875% to 6%
|
| Call options: | On or after Sept. 24, 2019 at par plus accrued dividends
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 24
|
| Expected rating: | Moody’s: A2
|
| Cusip: | 36246K301
|
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