The Gabelli Healthcare and Wellness Trust (GRX) has announced they will be calling the only preferred they have outstanding.
The 5.875% GRX-B shares will be redeemed on 12/24/2020 for $25 plus 35.9 cents of dividends accrued.
The various Gabelli funds have been redeeming issues by selling shares in the trust–versus doing a ‘re-fi’ with a new preferred. Essentially they are selling shares at high prices–shrinking the size of the trust and reducing leverage–seems like a smart move.
The shares which had traded as high as $27 or so in October are now trading at $25.33–falling about 55 cents from yesterdays close.
Green-n-Gold was on top of the press release earlier today.