By Stephanie N. Rotondo
Seattle, Aug. 4 – Bancroft Fund Ltd. priced $30 million of 5.375% series A cumulative preferred stock, according to a press release on Thursday.
BofA Merrill Lynch was the underwriter. G.research LLC also participated.
The preferreds are non-callable for five years. Dividends will be paid on a quarterly basis, beginning Sept. 26.
The Rye, N.Y.-based fund intends to use the proceeds for investment purposes consistent with its objectives.
| Issuer: | Bancroft Fund Ltd.
|
| Securities: | Series A cumulative preferred stock
|
| Amount: | $30 million, or 1.2 million shares
|
| Maturity: | Perpetual
|
| Bookrunner: | BofA Merrill Lynch
|
| Dividend: | 5.375%
|
| Price: | Par of $25.00
|
| Yield: | 5.375%
|
| Call options: | Non-callable until 2021
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 9
|
| Expected ratings: | Moody’s: A1
|
| Expected listing: | NYSE: BCVPA
|
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