Gabelli plans offering of series H preferreds; talk is 5% to 5.125%

By Stephanie N. Rotondo

Phoenix, Sept. 24 - Gabelli Equity Trust Inc. intends to sell at least $50 million of series H cumulative perpetual preferred stock.

Price talk is 5% to 5.125%, according to a trader.

Bank of America Merrill Lynch is the bookrunner. Gabelli & Co. Inc. is the co-manager, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Dividends will be paid on the 26th day of March, June, September and December beginning Dec. 26.

The preferreds will become redeemable in 2017.

Gabelli will apply to list the preferreds on the New York Stock Exchange.

Proceeds will be used to redeem the company's 6.2% series F cumulative preferreds. Any remaining funds could be used for further preferred redemptions.

Gabelli is a non-diversified, closed-end management investment company based in Rye, N.Y.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.