Gamco announces final results of tender offer for 0% notes due 2015

By Toni Weeks

San Diego, July 9 - Gamco Investors, Inc. announced it has accepted $64,112,674 principal amount of its zero-coupon subordinated debentures due 2015 in the company's tender offer for $86,114,564 of outstanding debentures. The company is paying a total of $55,778,026.38 for the debentures.

The offer began May 21 and expired at 5 p.m. ET on July 2.

The amount tendered has been verified by Computershare Trust Co., NA, the depositary for the offer. The company previously announced on July 3 that holders had tendered $64,152,430 of the debentures by the expiration date.

The final purchase price for the debentures was $870 per $1,000 principal amount of debentures. Pricing was determined through a modified Dutch auction. The price range was $820 to $870, net to the seller in cash without interest, for each $1,000 of debentures.

When the offer began, the company was tendering for between $20 million and $50 million of the debentures, and the expiration date was scheduled for midnight ET on June 18. On June 19, Gamco removed the cap and extended the offer to July 2.

In addition, the company amended the offer on May 25, allowing holders to tender debentures in multiples of $1 instead of $1,000.

As of the original expiration date, $63,203,000 principal amount of debentures had been validly tendered. Included in that amount was $38,212,800 of the $45,772,300 principal amount of debentures beneficially owned by Mario J. Gabelli, Gamco's chairman, chief executive officer and chief investment officer - value portfolios, and about $1,448,800 of the $1,599,700 principal amount of debentures owned by Gamco's other directors and executive officers.

Funding for the offer will come from cash on hand.

Morrow & Co., LLC (877 815-6525 or Gamco.info@morrowco.com) was the information agent.

Gamco Investors is based in Rye, N.Y. It manages private advisory accounts through Gamco Asset Management Inc., mutual funds and closed-end funds through Gabelli Funds, LLC and partnerships and offshore funds through Gabelli Securities, Inc.

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