Gabelli Healthcare & WellnessRx Trust Announces Initial Closing of Private Placement of 5.20% Series G Cumulative Preferred Shares

Rhea-AI Summary

The Gabelli Healthcare & Wellness Trust (NYSE:GRX) announced the initial closing of a private placement for 5.20% Series G Cumulative Preferred Shares, raising $21 million. These shares are non-callable until June 26, 2025, with a liquidation preference of $10 per share. Distributions will begin on June 26, 2023. The Fund, managed by Gabelli Funds, LLC, aims for long-term capital growth and has total net assets of $270 million. This announcement does not constitute an offering or solicitation and shares have not been registered under the Securities Act of 1933.

Positive

• Successful initial closing of a private placement raising $21 million.
• Attractive 5.20% Series G Cumulative Preferred Shares offered.

Negative

• None.

RYE, N.Y.--(BUSINESS WIRE)-- The Board of Trustees of The Gabelli Healthcare & Wellness^Rx Trust (NYSE:GRX) (the “Fund”) is pleased to announce the initial closing of a private placement of 5.20% Series G Cumulative Preferred Shares (“Series G Preferred”) with an aggregate liquidation value of $21 million.

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:

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

About The Gabelli Healthcare & Wellness^Rx Trust

The Gabelli Healthcare & Wellness^Rx Trust is a diversified, closed-end management investment company with $270 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE: GRX
CUSIP – 36246K103

View source version on businesswire.com: https://www.businesswire.com/news/home/20230118005654/en/

Investor Relations:

Bethany Uhlein

(914) 921-5546

buhlein@gabelli.com

Source: The Gabelli Healthcare & WellnessRx Trust

FAQ

What is the recent press release about NYSE:GRX?

The Gabelli Healthcare & Wellness Trust announced the closing of a $21 million private placement of 5.20% Series G Cumulative Preferred Shares.

When will dividends be paid for the Series G Preferred Shares of GRX?

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

What are the terms of the Series G Preferred Shares for GRX?

The Series G Preferred Shares are non-callable until June 26, 2025, with a liquidation preference of $10 per share.

What is the total net asset value of the Gabelli Healthcare & Wellness Trust?

The Gabelli Healthcare & Wellness Trust has total net assets of $270 million.