Gabelli Multimedia Trust Offers USD 50m of 5.125% Series E Cumulative Preferred Stock.
BANKING AND CREDIT NEWS-September 26, 2017-Gabelli Multimedia Trust Offers USD 50m of 5.125% Series E Cumulative Preferred Stock
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The board of directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) has priced an offering of 2 million shares of 5.125% Series E Cumulative Preferred Stock ("Series E Preferred") with an aggregate liquidation value of USD 50 million, the company said.
The offering is expected to close on Tuesday, September 26, 2017, subject to customary closing conditions.
The Fund expects to use the proceeds from the offering for investment purposes consistent with the Fund's investment objectives.
The Series E Preferred is perpetual, non-callable for five years, and has a liquidation value of USD 25 per share. Distributions are scheduled to be paid quarterly beginning on December 26, 2017. Shares of the Series E Preferred are expected to commence trading on the New York Stock Exchange under the symbol "GGT Pr E" within thirty days of the date of issuance.
The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with USD 246 million in total net assets whose primary investment objective is long-term growth of capital. Income is a secondary objective of the Fund. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Sep 26, 2017|
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