Gabelli Equity Trust Announces the Offering of $100 Million of 5.00% Series K Cumulative Preferred Stock
Gabelli Equity Trust, Inc. (The) (GAB)
US:NYSE Investor Relations:
gabelli.com/funds/products/-111.html
Company Research
Source: Business Wire
RYE, N.Y.--(BUSINESS WIRE)--The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the “Fund”) is pleased to announce the completion of an offering of 4 million shares of 5.00% Series K Cumulative Preferred Stock (“Series K Preferred”) valued at $100 million. The offering is expected to close on Monday, December 16, 2019, subject to customary closing conditions.The Fund expects to use a portion of the proceeds from the offering to redeem the Fund’s outstanding Series D Cumulative Preferred Stock.The Series K Preferred is perpetual, non-callable for five years, and will be issued with a liquidation preference of $25 per share. Distributions are scheduled to be paid quarterly beginning on March 26, 2020. Shares of the Series K Preferred are expected to commence trading on the New York Stock Exchange under the symbol “GAB Pr K” within thirty days of the date of issuance.The Board of Directors would like to thank all participants in the offering, which was led by Morgan S
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- GAB's page on the SEC website