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Ellsworth Growth intends to issue $30 million of preferred stock; price talk 5.25%-5.375%
By Stephanie N. Rotondo
Seattle, Sept. 13 – Ellsworth Growth and Income Fund Ltd. is selling $30 million of series A cumulative preferred shares (expected ratings: A1), according to a prospectus filed with the Securities and Exchange Commission on Wednesday.
Price talk is 5.25% to 5.375%, a market source reported.
Morgan Stanley & Co. LLC is the bookrunner. G.research LLC is the co-manager.
Dividends will be payable on a quarterly basis. The issue becomes redeemable in 2022 at par plus accrued dividends.
The preferreds also become mandatorily redeemable in certain circumstances.
The new preferred stock will be listed on the New York Stock Exchange under the ticker symbol “ECFPrA.”
Proceeds will be used to purchase portfolio securities in accordance with the company’s investment objectives and policies.
Ellsworth is a Morristown, N.J.-based diversified, closed-end management investment company.
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