Gabelli Utility Trust to Redeem Its Outstanding 5.625% Series A Cumulative Preferred Shares
December 31, 2021 at 02:46 am IST
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The Board of Trustees of The Gabelli Utility Trust (NYSE:GUT) (the “Fund”) authorized the redemption of all remaining outstanding 5.625% Series A Cumulative Preferred Shares (the “Series A Preferred Shares’). The Series A Preferred Shares will be redeemed at $25.13671875 per share (the “Redemption Price”), which consists of $25.00 per share (the “Liquidation Preference”) plus $0.13671875 per share representing accumulated but unpaid dividends and distributions to the redemption date of January 31, 2022 (the “Redemption Date”).
From and after the Redemption Date, the Series A 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 A Preferred Shares with respect to the Series A Preferred Shares will cease, except the right to receive the Redemption Price, without interest.
All of the Series A 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 A Preferred Shares will be made by Computershare Trust Company, N.A., as paying agent for this redemption.
The Series A Preferred Shares, which trade on the New York Stock Exchange under the symbol “GUT Pr A”, are rated “A1” by Moody’s Investors Service and have an annual dividend rate of $1.40625 per share. The Series A Preferred Shares were issued on July 28, 2003 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:
David Schachter
(914) 921-5057
About The Gabelli Utility Trust
The Gabelli Utility Trust is a diversified, closed-end management investment company with $376 million in total net assets whose primary investment objective is to seek long-term growth of capital and income by investing primarily in utility companies involved in the generation and distribution of electricity, gas, and water. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).
NYSE – GUT
CUSIP – 36240A101
NYSE – GUT Pr A
CUSIP – 36240A200
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The Gabelli Utility Trust (the Fund) is a diversified closed-end management investment company. The Fund's primary investment objective is long term growth of capital and income. The Fund invests at least 80% of its net assets (plus borrowings made for investment purposes), under normal market conditions, in common stocks and other securities of foreign and domestic companies involved in providing products, services, or equipment for the generation or distribution of electricity, gas and water, and telecommunications services or infrastructure operations. Under normal circumstances, the Fund invests in securities of issuers located in countries other than the United States and may invest in such foreign securities without limitation. The Fund's portfolio includes equipment and supplies, transportation, diversified industrial, oil, electronics, environmental services, financial services, automotive and specialty chemicals. The Fund's investment adviser is Gabelli Funds, LLC.