As many of you already know the new preferred from the Gabelli Dividend & Income Fund (NYSE:GDV) has priced at 5.375%.
We try to not post on the pricing until the SEC documents have been filed as on occasion there is a change–but they have not been filed as of this moment.
Data on pricing comes from a company press release where details are sparse, but it is fair to assume that the normal terms will be in effect–optional call after 5 years, quarterly dividend payments etc.
The issue will trade on the OTC Grey market, but a ticker is not yet announced.
We will try to pick up a little for the sock drawer (referring to those issues we buy and put away to be held for a very long time)–hopefully we can buy it a little below $25.
The company announced they will be calling in some auction rate preferreds, which is not a publicly traded preferred.