Gabelli Multimedia Trust Announces the Offering of $50 Million of 5.125% Series G Cumulative Preferred Stock
Gabelli Multi-Media Trust, Inc. (The) (GGT)
US:NYSE Investor Relations:
gabelli.com/funds/products/-112.html
Company Research
Source: Business Wire
RYE, N.Y.--(BUSINESS WIRE)--The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) is pleased to announce the pricing of an offering of two million shares of 5.125% Series G Cumulative Preferred Stock (“Series G Preferred”) with an aggregate liquidation value of $50 million. The offering is expected to close on Friday, December 20, 2019, subject to customary closing conditions.The Fund expects to use a portion of the net proceeds from the offering to redeem the Fund’s outstanding Series B Cumulative Preferred Stock as well as for investment purposes consistent with the Fund’s investment objectives.The Series G Preferred is perpetual, non-callable for five years, and will have a liquidation preference of $25 per share. Distributions are scheduled to be paid quarterly beginning on March 26, 2020. Shares of the Series G Preferred are expected to commence trading on the New York Stock Exchange under the symbol “GGT Pr G” within thirty days of the date of i
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