Gabelli Convertible and Income Securities Fund Announces Closing of Private Placement of 5.20% Series G Cumulative Preferred Stock

Rhea-AI Summary

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) announced the successful closing of a private placement of 5.20% Series G Cumulative Preferred Stock. The Series G Preferred is non-callable until June 26, 2025 with a liquidation preference of $10 per share. Distributions will be paid semiannually starting from June 26, 2023. The press release clarifies that this announcement is not an offer for purchase and the Series G Preferred has not been registered under the Securities Act of 1933.

Positive

• Successful closure of a private placement of 5.20% Series G Cumulative Preferred Stock.
• Series G Preferred offers a stable return with a non-callable period until June 26, 2025.

Negative

• None.

RYE, N.Y.--(BUSINESS WIRE)-- The Board of Directors of The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) (the “Fund”) is pleased to announce the closing of a private placement of 5.20% Series G Cumulative Preferred Stock (“Series G Preferred”).

The Series G Preferred is non-callable until June 26, 2025, and has a liquidation preference of $10 per share. Distributions are scheduled to be paid semiannually beginning on June 26, 2023.

This press release is not an offering of, or a solicitation to purchase, the Series G Preferred. The Series G Preferred have not been registered under the Securities Act of 1933 or any state securities laws.

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

	Laurissa Martire		Bethany Uhlein
	914-921-5399		914-921-5546

About Gabelli Convertible and Income Securities Fund

The Gabelli Convertible and Income Securities Fund Inc. is a diversified, closed-end management investment company with $95 million in total net assets whose primary investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE: GCV
CUSIP – 36240B109

View source version on businesswire.com: https://www.businesswire.com/news/home/20221230005161/en/

Investor Relations Contact:

Laurissa Martire

(914) 921-5399

lmartire@gabelli.com

Source: The Gabelli Convertible and Income Securities Fund Inc.

FAQ

What is the recent announcement by Gabelli Convertible and Income Securities Fund Inc. regarding NYSE:GCV?

The Gabelli Convertible and Income Securities Fund announced the closing of a private placement of 5.20% Series G Cumulative Preferred Stock.

What are the key features of the Series G Preferred Stock by NYSE:GCV?

The Series G Preferred is non-callable until June 26, 2025, has a liquidation preference of $10 per share, and pays distributions semiannually.

When will the distributions for the Series G Preferred Stock start?

Distributions for the Series G Preferred Stock will begin on June 26, 2023.

Is the Series G Preferred stock registered under the Securities Act of 1933?

No, the Series G Preferred has not been registered under the Securities Act of 1933.