Gabelli Global Small & Mid Cap Value Trust Announces the Offering of $30 Million of 5.450% Series A Cumulative Preferred Shares
06 May 2016 - 7:36AM
Business Wire
The Board of Trustees of The Gabelli Global Small and Mid Cap
Value Trust (NYSE:GGZ) (the “Fund”) is pleased to announce the
pricing of an offering of 1.2 million shares of 5.450% Series A
Cumulative Preferred Stock (“Series A Preferred”) with an aggregate
liquidation value of $30 million. The offering is expected to close
on Tuesday, May 10, 2016, subject to customary closing
conditions.
The Fund expects to use the proceeds from the offering for
investment purposes consistent with the Fund’s investment
objective.
The Series A Preferred is perpetual, non-callable for five
years, and will be issued at $25 per share. Distributions are
scheduled to be paid quarterly beginning on June 26, 2016. Shares
of the Series A Preferred are expected to commence trading on the
New York Stock Exchange under the symbol “GGZ Pr A” within thirty
days of the date of issuance.
BofA Merrill Lynch acted as the book-running manager of the
offering and G.research, LLC acted as a co-manager of the
offering.
The Gabelli Global Small and Mid Cap Value Trust is a
diversified, closed-end management investment company with
approximately $100 million in net assets whose primary investment
objective is to achieve long-term capital growth of capital. Under
normal market conditions, the Fund will invest at least 80% of its
total assets in equity securities (such as common stock and
preferred stock) of companies with small or medium sized market
capitalizations. The Fund is managed by Gabelli Funds, LLC, a
subsidiary of GAMCO Investors, Inc., which is a publicly traded
NYSE listed company (NYSE:GBL).
A registration statement relating to these securities has
been filed with the Securities and Exchange Commission and is
effective. This press release is not an offering, which can only be
made by a prospectus. Investors should consider the Fund’s
investment objectives, risks, charges and expenses carefully before
investing. The Fund’s prospectus supplement relating to the Series
A Preferred and the Fund’s base prospectus contain this and
additional information about The Gabelli Global Small and Mid Cap
Value Trust and the Series A Preferred, and should be read
carefully before investing. A copy of the prospectus supplement and
base prospectus may be obtained from the fund by calling Gabelli at
914-921-5070 or from the website www.gabelli.com or
from BofA Merril Lynch by calling toll-free 1-800-294-1322.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160505006769/en/
The Gabelli Global Small and Mid Cap Value TrustCamillo
Schmidt-ChiariWayne C. Pinsent, CFA(914) 921-5070
Gamco Investors (NYSE:GBL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gamco Investors (NYSE:GBL)
Historical Stock Chart
From Oct 2023 to Oct 2024
Real-Time news about Gamco Investors Inc (New York Stock Exchange): 0 recent articles
More Gamco Investors, Inc. News Articles