The Board of Trustees of The Gabelli Healthcare & WellnessRx
Trust (NYSE:GRX) (the “Fund”) is pleased to announce the completion of
an offering of 1.4 million shares of 5.875% Series B Cumulative
Preferred Shares (the “Series B Preferred”) valued at $35 million. The
offering is expected to close on Wednesday, September 24, 2014, subject
to customary closing conditions.
The Fund expects to use the proceeds from the offering for investment
purposes consistent with the Fund’s investment objectives.
The Series B Preferred is perpetual, non-callable for five years, and
will be issued at $25 per share. Distributions are scheduled to be paid
quarterly beginning on December 26, 2014. Shares of the Series B
Preferred are expected to commence trading on the New York Stock
Exchange under the symbol “GRX Pr B” within thirty days of the date of
issuance.
The Board of Trustees would like to thank all participants in the
offering, which was led by BofA Merrill Lynch.
The Gabelli Healthcare & WellnessRx Trust is a
diversified, closed-end management investment company with approximately
$291 million in total net assets, after giving effect to the completion
of the offering, 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).
A registration statement relating to these securities has been filed
with the Securities and Exchange Commission and is effective. This press
release is not an offering, which can only be made by a prospectus. Investors
should consider the Fund’s investment objectives, risks, charges, and
expenses carefully before investing. The Fund’s prospectus
supplement relating to the Series B Preferred and base prospectus
contains this and other important information and should be read
carefully before investing. Visit www.gabelli.com
for more information about the Fund.
Copyright Business Wire 2014