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Gabelli Global Utility & Income Trust Completes Successful Rights Offering Raising $70 Million

The Gabelli Global Utility & Income Trust (NYSE MKT:GLU) (the “Fund”) is pleased to announce the completion of its transferable rights offering (the “Offering” or “Offer”) in which the Fund issued 1,032,428 common shares and 1,032,428 newly issued Series A Cumulative Puttable and Callable Preferred Shares (the “Series A Preferred”), with gross proceeds of $70,721,318. Pursuant to the Offer, the Fund issued one transferable right (a “Right”) for each common share of the Fund to shareholders of record (record date shareholders) as of May 7, 2013. Holders of Rights were entitled to purchase one common share and one newly issued Series A Preferred share by submitting three Rights and $68.50 (consisting of $18.50 for each common share plus $50.00 for each Series A Preferred share).

The Fund received total subscriptions (including over-subscription requests) for over 1.8 million common shares and Series A Preferred shares, totaling approximately $130 million. The Fund retained approximately $70 million with the balance returned to investors that submitted over-subscription requests. Approximately 63% of the shares issued were subscribed for in the primary subscription. Pursuant to the Offering, the remaining shares were allocated to record date shareholders who exercised their full primary subscription Rights in accordance with the terms of the over-subscription privilege.

All of the new common shares and new Series A Preferred shares subscribed for were issued on June 19, 2013. The Series A Preferred shares are expected to begin trading on the NYSE MKT on or about June 24, 2013.

The Series A Preferred will pay distributions quarterly (“dividend period”) and will have an annual dividend rate of 6.00% for the four dividend periods ending on or prior to June 26, 2014 and 3.00% for the subsequent eight dividend periods ending on or prior to June 26, 2016. Within the dividend period ending June 26, 2016, the Fund’s Board of Trustees will determine a fixed annual dividend rate that will apply for all subsequent dividend periods, which will be 200 basis points over the yield of the ten year U.S. Treasury Note, but in no case will the annual dividend rate be less than 3.00% or greater than 5.00%. The Series A Preferred will be non-callable for five years from the date of issuance, unless the redemption is necessary in the judgment of the Fund’s Board of Trustees, to maintain the Fund’s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and may be put back to the Fund by shareholders during the 30-day period prior to each of June 26, 2015 and June 26, 2018.

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