Gabelli Dividend & Income Trust to Redeem Its Outstanding 5.25% Series G Cumulative Preferred Shares

Rhea-AI Summary

The Gabelli Dividend & Income Trust (NYSE:GDV) has authorized the redemption of all outstanding 5.25% Series G Cumulative Preferred Shares at a price of $25.127604 per share, which includes $25.00 plus $0.127604 in unpaid dividends. This redemption will take effect on January 31, 2022, after which these shares will no longer be considered outstanding, and dividend accumulation will cease. The shares are held in book-entry form and are rated 'Aa3' by Moody's, with a quarterly dividend rate of $1.3125. The Fund aims to provide a high level of total return with a focus on dividends.

Positive

• Redemption of Series G Preferred Shares will return $25.127604 per share to holders, ensuring liquidity.
• The Series G Preferred Shares are rated 'Aa3' by Moody's, indicating strong creditworthiness.

Negative

• The cessation of dividends on Series G Preferred Shares could displease income-focused investors.

RYE, N.Y.--(BUSINESS WIRE)-- The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the “Fund”) authorized the redemption of all remaining outstanding 5.25% Series G Cumulative Preferred Shares (the “Series G Preferred Shares”). The Series G Preferred Shares will be redeemed at $25.127604 per share (the “Redemption Price”), which consists of $25.00 per share (the “Liquidation Preference”) plus $0.127604 per share representing accumulated but unpaid dividends and distributions through the redemption date of January 31, 2022 (the “Redemption Date”).

From and after the Redemption Date, the Series G Preferred Shares being redeemed will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the holders of the Series G Preferred Shares with respect to the Series G Preferred Shares will cease, except the right to receive the Redemption Price, without interest.

All of the Series G Preferred Shares are held in book-entry form through the Depository Trust Company ("DTC") and shares will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series G Preferred Shares will be made by Computershare Trust Company, N.A., as paying agent for this redemption.

The Series G Preferred Shares, which trade on the New York Stock Exchange under the symbol “GDV Pr G”, are rated “Aa3” by Moody’s Investors Service and have an annual dividend rate of $1.3125 per share. The Series G Preferred Shares were issued on July 1, 2016 at $25.00 per share and pay distributions quarterly.

Questions relating to, and requests for additional copies of, the notice of redemption and related materials may be directed to:

Carter Austin
(914) 921-5475

About The Gabelli Dividend & Income Trust

The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company with $3.1 billion in total net assets whose primary investment objective is to provide a high level of total return with an emphasis on dividends and income. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

NYSE – GDV Pr G
CUSIP – 36242H708

View source version on businesswire.com: https://www.businesswire.com/news/home/20211230005184/en/

Investor Relations Contact:

Carter Austin

(914) 921-5475

caustin@gabelli.com

Source: The Gabelli Dividend & Income Trust

FAQ

What is the redemption price for GDV's Series G Preferred Shares?

The redemption price for GDV's Series G Preferred Shares is $25.127604 per share.

When will the Series G Preferred Shares be redeemed?

The Series G Preferred Shares will be redeemed on January 31, 2022.

What is the dividend rate for GDV's Series G Preferred Shares?

The Series G Preferred Shares have an annual dividend rate of $1.3125 per share.

How often are dividends paid on GDV's Series G Preferred Shares?

Dividends on GDV's Series G Preferred Shares are paid quarterly.