By James McCandless
San Antonio, June 4 – Gabelli Dividend & Income Trust sold $50 million of $25-par series H cumulative preferred stock with a dividend of 5.375% on Tuesday, according to a press release.
UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable after five years
Gabelli plans to use the proceeds to redeem a portion of the fund’s outstanding series E auction rate preferred shares.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “GDVPrH.”
Gabelli is a Rye, N.Y.-based non-diversified, closed-end mutual fund.
| Issuer: | Gabelli Dividend & Income Trust
|
| Issue: | Series H cumulative preferred shares
|
| Amount: | $50 million, or 2 million shares
|
| Maturity: | Perpetual
|
| Underwriters: | UBS Securities LLC and Wells Fargo Securities LLC, with G.research LLC
|
| Dividend: | 5.375%
|
| Liquidation preference: | $25.00
|
| Call: | After five years
|
| Pricing date: | June 4
|
| Settlement date: | June 7
|
| Listing: | NYSE: GDVPrH
|
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