Gabelli Dividend & Income Trust Completes Exchange Offer for Auction Rate Preferred Shares
April 16 2021 - 3:10PM
Business Wire
The Board of Trustees of The Gabelli Dividend & Income Trust
(NYSE:GDV) (the “Fund”) is pleased to announce the completion of
the Fund’s offer to exchange up to 100% of the Fund’s auction
preferred shares, designated Series B Auction Market Preferred
Shares, Series C Auction Market Preferred Shares, and Series E
Auction Rate Preferred Shares (collectively, the “Auction Rate
Preferred Shares”) for shares of the Fund’s Series J Cumulative
Term Preferred Shares, par value $0.001 and liquidation preference
$25,000 per share (the “Series J Preferred Shares”), and cash (the
“Offer”).
The Fund received tenders for 96% of the outstanding Auction
Rate Preferred Shares in the Offer. The Fund anticipates issuing
5,817 Series J Preferred Shares in exchange for the 6,106 Auction
Rate Preferred Shares tendered in the Offer, and paying an
aggregate cash amount of $1,119,000 in lieu of issuing any
fractional shares.
The new Series J Preferred Shares will be issued on or about
April 20, 2021.
Under the terms of the Offer, which commenced March 17, 2021 and
expired April 14, 2021, existing holders of the Auction Rate
Preferred Shares were entitled to receive 0.96 of each newly issued
Series J Preferred Share for each Auction Rate Preferred Share
validly tendered and not withdrawn pursuant to the Offer. In lieu
of issuing any fractional Series J Preferred Shares, holders
tendering Auction Rate Preferred Shares will receive a cash amount,
without interest, equal to the fractional share amount multiplied
by the Series J Preferred Shares liquidation preference.
The Series J Preferred Shares will have a mandatory redemption
date of March 26, 2028, and will pay dividends quarterly at an
annualized rate of 1.70% for year 1 through year 3 and 4.50% for
the dividend periods occurring in year 4 and all future years. The
Series J Preferred Shares are callable by the Fund on March 26,
2024, at the liquidation preference plus accrued and unpaid
dividends.
All Auction Rate Preferred Shares that were not tendered will
remain outstanding with no change in their terms.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund before investing. More
information regarding the Fund’s distribution policy and other
information about the Fund is available by calling 800-GABELLI
(800-422-3554) or visiting www.gabelli.com.
About The Gabelli Dividend & Income Trust
The Gabelli Dividend & Income Trust is a diversified,
closed-end management investment company with $2.8 billion in total
net assets whose primary investment objective is to provide a high
level of total return with an emphasis on dividends and income. The
Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO
Investors, Inc. (NYSE:GBL).
NYSE – GDV CUSIP – 36242H104
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version on businesswire.com: https://www.businesswire.com/news/home/20210416005530/en/
Investor Relations: Carter Austin (914) 921-5475
caustin@gabelli.com
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