The Gabelli Healthcare & Wellness Rx Trust (NYSE:GRX) is pleased to announce the completion of an offering of 5.76% Series A Cumulative Preferred Shares valued at $30 million. The proceeds raised will be used for investment purposes.
The 5.76% Series A Cumulative Preferred Shares are rated “AAA” by Standard & Poor’s Ratings Services. The 5.76% Series A Cumulative Preferred Shares are perpetual, non-callable for five years, and were issued at $25 per share. Distributions will be paid quarterly beginning on September 27, 2010. The 5.76% Series A Cumulative Preferred Shares began trading on the New York Stock Exchange under the symbol “GRX Pr A” today, August 20, 2010.
Wells Fargo Securities, LLC and Gabelli & Company, Inc. served as underwriters for the offering, which closed today, August 20, 2010.
The Gabelli Healthcare & Wellness Rx Trust is a non-diversified, closed-end management investment company with $93 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), which is a publicly traded NYSE listed company.