Gabelli Equity Trust pricing $50 million of cumulative redeemable preferred stock

By Stephanie N. Rotondo

Seattle, March 28 – The Gabelli Equity Trust Inc. intends to sell at least $50 million of series J cumulative redeemable preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Price talk is around 5.625%, a market source said.

UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners. G.research LLC is also participating.

Dividends will be payable on the 26th day of March, June, September and December, beginning June 26. The preferreds become redeemable in 2021 at par plus accrued dividends. Additionally, the company may be required to redeem the issue prior to 2021 in order to meet certain regulatory or rating agency asset requirements.

The company plans to list the new issue on the New York Stock Exchange.

Proceeds will be used to make investments according to the fund’s objectives.

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

© 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.