RYE, N.Y.–(BUSINESS WIRE)–The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV)
(the “Fund”) is pleased to announce the pricing of an offering of two
million 5.375% Series H Cumulative Preferred Shares (“Series H
Preferred”) with an aggregate liquidation value of $50 million. The
offering is expected to close on Friday, June 7, 2019, subject to
customary closing conditions.
The Fund expects to use the net proceeds from the offering to redeem a
portion of the Fund’s outstanding Series E Auction Rate Preferred Shares.
The Series H Preferred is perpetual, non-callable for five years, and
will have a liquidation preference of $25 per share. Distributions are
scheduled to be paid quarterly beginning on September 26, 2019. Shares
of the Series H Preferred are expected to commence trading on the New
York Stock Exchange under the symbol “GDV Pr H” within thirty days of
the date of issuance.
The Board of Trustees would like to thank all participants in the
offering, which was led by UBS Securities LLC and Wells Fargo
Securities, LLC. G.research, LLC also participated in the offering.
The Gabelli Dividend & Income Trust is a diversified, closed-end
management investment company with $2.3 billion in total net assets
whose primary investment objective is to provide a high level of total
return on its assets with an emphasis on dividends and income. The Fund
is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
(NYSE:GBL).
A registration statement relating to these securities has been filed
with the Securities and Exchange Commission and is effective. This
press release is not an offering, which can only be made by a prospectus.
Investors should consider the Fund’s investment objective, risks,
charges, and expenses carefully before investing. The Fund’s
prospectus supplement relating to the Series H Preferred and the Fund’s
base prospectus contain this and additional information about The
Gabelli Dividend & Income Trust and the Series H Preferred, and should
be read carefully before investing. Visit www.gabelli.com
for more information about the Fund.
Contacts
Carter Austin
Laurissa Martire
(914) 921-5070
