By Stephanie N. Rotondo
Seattle, Sept. 21 – The Gabelli Multimedia Trust Inc. priced $50 million of 5.125% series E cumulative preferred shares at par of $25.00 on Thursday, the company said in a press release.
BofA Merrill Lynch and UBS Securities LLC are the joint bookrunners.
Dividends will be payable on a quarterly basis. The preferreds become redeemable in 2022.
The new securities will be listed on the New York Stock Exchange under the ticker symbol “GGTPrE.”
The company plans to use the proceeds to purchase portfolio securities in accordance with its investment objective and policies.
Gabelli Multimedia is a Rye, N.Y.-based non-diversified, closed-end management investment company.
| Issuer: | The Gabelli Multimedia Trust Inc.
|
| Securities: | Series E cumulative preferred stock
|
| Amount: | $50 million, or 2 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch and UBS Securities LLC
|
| Co-manager: | G.research LLC
|
| Dividend: | 5.125%
|
| Price: | Par of $25.00
|
| Yield: | 5.125%
|
| Call options: | In 2022 at par plus accrued dividends
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 26
|
| Expected listing: | NYSE: GGTPrE
|
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