By Susanna Moon
Chicago, June 13 - Gabelli Equity Trust Inc. said it is offering series G cumulative preferred stock in a transferable rights offering to holders of 6.2% series F cumulative preferreds.
The series G preferreds will pay quarterly dividends of 6% for the first 12 months and then 5% after that.
Each shareholder will receive one transferrable right for each series F preferred share held on the record date of June 22, according to a fund press release.
The subscription price is one right plus $25.00 for one series G preferred, payable in cash, by surrender of a series F preferred at liquidation preference or any combination of cash and shares.
The preferreds are expected to trade "ex-rights" on the New York Stock Exchange on June 20, and the rights are expected to begin trading for normal settlement through the Nasdaq on June 28.
The offering expires at 5 p.m. ET on July 24.
The fund is applying to list the series G preferreds on the New York Stock Exchange.
Morrow & Co., LLC is the information agent.
The fund announced the rights offering on June 5, saying proceeds would be used for investment purposes and to redeem the series F shares.
Gabelli Rye, N.Y.-based closed-end investment management company.
| Issuer: | Gabelli Equity Trust Inc.
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| Issue: | Series G cumulative preferred stock
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| Dividends: | 6% for the first 12 months and then 5% after that
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| Offer expiration: | Through 5 p.m. ET on July 24
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