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

Rhea-AI Summary

The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) has approved the redemption of all outstanding 5.25% Series G Cumulative Preferred Shares, with a redemption price of $25.00 per share plus any accumulated unpaid dividends. The exact redemption date will be disclosed later. As of the redemption date, these shares will no longer be outstanding, and dividends will cease to accumulate. The Series G Preferred Shares, rated 'Aa3' by Moody's, were issued on July 1, 2016 and provide a quarterly dividend of $1.3125.

Positive

• Redemption of Series G Preferred Shares at $25.00 enhances shareholder value.
• The Series G Preferred Shares yield an annual dividend rate of $1.3125, providing consistent income to investors.

Negative

• None.

RYE, N.Y.--(BUSINESS WIRE)-- The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the “Fund”) authorized the redemption of all outstanding 5.25% Series G Cumulative Preferred Shares (the “Series G Preferred Shares”). The redemption date will be announced at a later date. The redemption price is $25.00 per Series G Preferred Share, plus an amount equal to any accumulated and unpaid dividends to the redemption date.

As of the redemption date, the Series G Preferred Shares 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.

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 the related materials should be directed to the Fund at 800-GABELLI (800-422-3554) or (914) 921-5070.

About The Gabelli Dividend & Income Trust
The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company with $3.2 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
CUSIP – 36242H104
NYSE – GDV Pr G
CUSIP – 36242H708

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117006280/en/

Carter Austin

(914) 921-5475

Laurissa Martire

(914) 921-5399

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 $25.00 per share, plus any accumulated unpaid dividends.

When were the Series G Preferred Shares issued?

The Series G Preferred Shares were issued on July 1, 2016.

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

The annual dividend rate for GDV's Series G Preferred Shares is $1.3125 per share.

What impacts does the redemption of Series G Preferred Shares have on GDV investors?

The redemption is intended to enhance shareholder value by ceasing the accumulation of dividends on the preferred shares.

How will the redemption process for GDV's Series G Preferred Shares be handled?

The shares will be redeemed in accordance with the procedures of the Depository Trust Company (DTC), with payments made by Computershare Trust Company, N.A.