Gabelli Equity Trust’s 5.45% series J cumulative redeemable preferreds admitted to NYSE

By Stephanie N. Rotondo

Seattle, April 1 – The Gabelli Equity Trust Inc.’s $80 million of 5.45% series J cumulative redeemable preferred stock were admitted to the New York Stock Exchange on Friday, according to a market source.

The ticker is “GABPJ.”

The deal priced March 28. Price talk was around 5.625%. The deal came upsized from $50 million.

UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners. G.research LLC also participated.

Dividends will be payable on the 26th day of March, June, September and December, beginning June 26. The preferreds become redeemable on or after March 31, 2021 at par plus accrued dividends. Additionally, the company may be required to redeem the issue prior that date in order to meet certain regulatory or rating agency asset requirements.

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.

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