Ellsworth Growth and Income Fund Ltd. Announces the Placement of $25 Million of Series B Cumulative Preferred Shares

Rhea-AI Summary

The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) has announced the issuance of Series B Cumulative Preferred Shares with a total liquidation value of approximately $25 million. These shares will be puttable on June 26, 2023 and June 26, 2024, and callable after June 26, 2024. They offer an annual distribution rate of 4.40% on a liquidation preference of $10.00 per share, starting from December 26, 2022.

Positive

• Issuance of Series B Preferred Shares amounting to $25 million enhances capital structure.
• Annual distribution rate of 4.40% provides attractive income potential.

Negative

• None.

RYE, N.Y.--(BUSINESS WIRE)-- The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) (the “Fund”) is pleased to announce the issuance of Series B Cumulative Preferred Shares (“Series B Preferred”) with an aggregate liquidation value of approximately $25 million.

The Series B Preferred is puttable on June 26, 2023 and June 26, 2024, and is callable after June 26, 2024. Distributions are at an annual rate of 4.40% of the $10.00 per share liquidation preference of the Series B Preferred and are scheduled to be paid semiannually beginning on December 26, 2022.

The Board of Trustees would like to thank all participants in the offering.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information about the Fund, call:

Bethany Uhlein
(914) 921-5546

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund Ltd. is a diversified, closed-end management investment company with $191 million in total net assets. ECF invests primarily in convertible securities and common stock with the objectives of providing income and the potential for capital appreciation, objectives the Fund considers to be relatively equal over the long-term due to the nature of the securities in which it invests. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

NYSE American: ECF
CUSIP – 289074106

View source version on businesswire.com: https://www.businesswire.com/news/home/20220705005835/en/

Bethany Uhlein

(914) 921-5546

Source: Ellsworth Growth and Income Fund Ltd.

FAQ

What is the significance of the Series B Preferred Shares issuance by ECF?

The issuance provides $25 million in capital and offers a 4.40% annual distribution, enhancing investor returns.

When can investors put the Series B Preferred Shares?

Investors can put the Series B Preferred Shares on June 26, 2023, and June 26, 2024.

What is the distribution schedule for the Series B Preferred Shares?

Distributions will be paid semiannually, starting on December 26, 2022.

Who manages the Ellsworth Growth and Income Fund?

The fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE: GBL).

What is the total net asset value of the Ellsworth Growth and Income Fund?

The total net assets of the fund are approximately $191 million.