Closed End Fund (CEF) Gabelli Multimedia Trust (GGT) has announced a new issue of perpetual preferred stock. The issue should be strongly investment grade.
The pricing has not been announced via the SEC site but an OTC temporary ticker has been assigned as GABGP.
The company had previously announced the redemption of the 6% GGT-B issue on 12/26/2019 and they will use proceeds from this new issue to pay for the redemption.
There is just 1 other GGT preferred outstanding which can be seen here.
I’m glad these rates have begun to stabilize some, with the 10 yr. hovering around 1.88%. Previously, I thought we were on a race to the bottom, but recent action has, at least, slowed that downward trend. The recent PSA offering, with a 4.75% coupon, was to me a mild and pleasant surprise as I was expecting mighty PSA to try to sneak one in with a sub-4.5% coupon. Now we have a Gabelli CEF offering – another IG issue- with a price guidance of around 5.125%. Since I welcome every penny of income I can get, I’m starting to believe that there is a Santa Claus after all, Virginia.
I’m with you Artemisa—I really want some stability with maybe a slow creep higher (slow–very slow). The FED has worked hard to make us conservative folks climb the risk ladder and I am having trouble accepting higher risk.
I was not able to find any info but on Streetinsider.com list of SEC fillings (at 10:02 AM today) – 497AD :
Issuer: The Gabelli Multimedia Trust Inc.
Security Type: Fixed-Rate Cumulative Preferred Shares
Title: Series G Cumulative Preferred Shares
Liquidation Preference/Offering Price: $25.00 per share
Maturity: Perpetual
Expected Size: $25 million (or 1 million shares)
Price Guidance: 5.125% area
Expected Trade Date: December 17, 2019
Expected Settlement Date: December 20, 2019 (T+3)
Dividend Payment Dates: March 26, June 26, September 26 and December 26 in each year commencing on March 26, 2020
Optional Redemption: 5 years after settlement date
Use of Proceeds: Redemption of 6% Series B Preferred Shares with aggregate liquidation preference of approximately $19.8 million and purchasing portfolio securities in accordance with the Issuer’s investment objectives and policies.
Expected Listing: NYSE
Anticipated Rating: A2 from Moody’s Investors Service, Inc. (No assurances )
Underwriters: BofA
My apologies as I failed to see the second active link in TIm’s post.
You’re forgiven
I am getting the ‘ERR_Page RST ‘ error and cannot see the spreadsheets, please advise. I am a long time follower of this website. Can’t see the articles, spreadsheets, portfolios, etc. Thanks
Wow Aditya–you have problems if you can’t see anything. Maybe try clearing your cache or even rebooting. It would appear that you don’t have enough memory and what you have is totally bogged down with ‘stuff’ so you need to get it cleared out.
Computers don’t really work that way 🙂
David–you must not use Google Chrome–a massive memory hog.
Sure it is, but that’s not going to cause an “ERR_Page RST” error, whatever that is (sounds network-ish), it will just cause slowness if you don’t have enough RAM. Also, you can start over by restarting Chrome. Clearing the browser cache and restarting the computer won’t make any difference.
David-it is above my pay grade. I bought my first computer in 1982 and have built and rebuilt many over the years, but gave the tech stuff up–I just hire folks. Used to be I relished trouble shooting–no more.
Spend my career in IT before retiring after 43 years. I have 0 interest in IT at this point. I had my fill
I suggest trying another browser,
updating Windows, and running anti-virus scans with whichever program you have installed. You can also run a scan with Malwarebytes free edition if you do not have it installed.
Second comment- there are fixes for this problem displayed on the internet. Just do a search for the error msg and they will offer you multiple choices to make the repair.
Thanks Howard
Howard, can you share a link to the page that addresses this specific error? I couldn’t find anything.
Just buy a new computer. That’s what I do. 🙂