Gabelli Equity Trust to sell $25-par series K cumulative preferreds

By James McCandless

San Antonio, Dec. 10 – Gabelli Equity Trust Inc. plans to price an offering of $25-par series K cumulative preferred stock, according to a filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC and UBS Securities LLC are joint bookrunners and are underwriters along with G.research, LLC.

Dividends are payable on March 26, June 26, Sept. 26 and Dec. 26 of each year, commencing on March 26, 2020.

The preferreds are redeemable after five years at par.

Gabelli plans to use the proceeds to redeem its outstanding series D preferred stock.

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

Gabelli is a Rye, N.Y.-based closed-end equity mutual fund.

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