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Gabelli Equity Trust to Redeem Its Outstanding 5.875% Series D Cumulative Preferred Stock

November 18, 2019

RYE, N.Y.--(BUSINESS WIRE)--Nov 18, 2019--

The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the “Fund”), has authorized the redemption of all remaining outstanding shares of the Fund’s 5.875% Series D Cumulative Preferred Stock (the “Series D Preferred”). The redemption date is December 26, 2019 (the “Redemption Date”), and the redemption price is $25.00 per Series D Preferred, which is equal to the liquidation preference of $25.00 per Series D Preferred. Series D Preferred shareholders of record on December 18, 2019 will receive the quarterly distribution of $0.3671875 per Series D Preferred on the payable date of December 26, 2019. Since the redemption date and the payable date for the quarterly distribution are both December 26, 2019, no accumulated, unpaid distributions will be included as a component of the redemption price.

As of the Redemption Date, the Series D Preferred will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the Series D Preferred shareholders with respect to the Series D Preferred will cease, except the right to receive the redemption price.

The Series D Preferred, which trade on the New York Stock Exchange under the symbol “GAB Pr D”, are rated ‘A1’ by Moody’s Investor Services and have an annual dividend rate of $1.46875 per share. The Series D Preferred was issued on October 7, 2003 at $25 per share and pay distributions quarterly. The Series D Preferred are callable at any time, after proper notification is given, at the liquidation preference of $25.00 per share plus accrued dividends.

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.

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $1.9 billion in total 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. (NYSE:GBL).

View source version on businesswire.com:https://www.businesswire.com/news/home/20191118005763/en/

CONTACT: Molly Marion

Carter Austin

(914) 921-5070

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: The Gabelli Equity Trust Inc.

Copyright Business Wire 2019.

PUB: 11/18/2019 02:15 PM/DISC: 11/18/2019 02:15 PM

http://www.businesswire.com/news/home/20191118005763/en