Moody's Investors Service has assigned an Aa3 rating to 5.375% Series H fixed rate preferred shares issued by Gabelli Dividend & Income Trust (GDV or the "Fund"). Moody's also affirmed the Aa3 ratings on GDV's outstanding preferred shares. The Fund's leverage is expected to remain the same as the net proceeds from new preferred share offering will be used to redeem an equal amount of the Fund's outstanding Series E auction rate preferred shares.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Gabelli Dividend & Income Trust and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the "Fund") authorized the redemption of one half (1,524,010 shares) of its outstanding 5.875% Series A Cumulative Preferred Shares (the "Series A Preferred"). The shares will be redeemed at $25.1631944 per Series A Preferred (the "Redemption Price"), which consists of $25.00 per Series A Preferred (the "Liquidation Preference") plus $0.1631944 per Series A Preferred representing accumulated and unpaid dividends and distributions to the redemption date of May 6, 2020 (the "Redemption Date").
The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the "Fund") approved the continuation of its policy of paying fixed monthly cash distributions. The Board of Trustees declared cash distributions of $0.11 per share for each of July, August, and September 2020.
Gabelli Funds, LLC announces that, due to the public health impact of the COVID-19 pandemic and to support the health and well-being of its Funds’ shareholders and stockholders, employees, and trustees and directors, as well as their families and communities, it will host the originally planned in-person 2020 Annual Meetings of Shareholders and Stockholders (the "Annual Meetings") at the Westchester Country Club, as virtual meetings.
Billionaire Investor Mario Gabelli joined Yahoo Finance's Myles Udland, Andy Serwer, Dan Roberts, and Melody Hahm to discuss the areas of the market he's watching and his investment strategy amid the coronavirus crisis.