Gabelli Convertible and Income to redeem series B preferreds Nov. 18

By Wendy Van Sickle

Columbus, Ohio, Oct. 17 – Gabelli Convertible and Income Securities Fund Inc. said it will redeem its series B cumulative preferred stock on Nov. 18.

The preferreds will be redeemed at the liquidation preference of $25.00 each plus accumulated dividends for a total of $25.2167 apiece, according to a press release.

The redemption is being funded with a portion of the proceeds from the fund’s issuance of $35 million in series E 4% cumulative preferred stock that closed on Oct. 16.

Gabelli is a Rye, N.Y.-based investment firm.

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