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Press release content from Business Wire. The AP news staff was not involved in its creation.

Gabelli Equity Trust Announces Initial Closing of Private Placement of 4.25% Series M Cumulative Preferred Stock

December 17, 2021 GMT

RYE, N.Y.--(BUSINESS WIRE)--Dec 17, 2021--

The Board of Directors of The Gabelli Equity Trust (NYSE:GAB) (the “Fund”) is pleased to announce the initial closing of a private placement of shares of 4.25% Series M Cumulative Preferred Stock (“Series M Preferred”).

The Fund expects to use the proceeds from the offering to redeem the Fund’s outstanding 5.45% Series J Cumulative Preferred Stock.

The Series M Preferred is non-callable until March 26, 2027, and has a liquidation preference of $100 per share. Distributions are scheduled to be paid quarterly beginning on March 26, 2022.

This press release is not an offering of, or a solicitation to purchase, the Series M Preferred. The Series M 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:

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Molly Marion

 

Laurissa Martire

 

Bethany Uhlein

 

Paul Swirbul

914-921-5681

 

914-921-5399

 

914-921-5546

 

914-921-5496

About The Gabelli Equity Trust

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $2.2 billion 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. (NYSE:GBL).

NYSE – GAB
CUSIP – 362397101

View source version on businesswire.com:https://www.businesswire.com/news/home/20211217005561/en/

CONTACT: Investor Information:

Paul Swirbul

V.P., Private Wealth

914-921-5496

pswirbul@gabelli.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE

SOURCE: The Gabelli Equity Trust

Copyright Business Wire 2021.

PUB: 12/17/2021 01:32 PM/DISC: 12/17/2021 01:32 PM

http://www.businesswire.com/news/home/20211217005561/en