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The Gabelli Healthcare & WellnessRx Trust Issues $30 Million of 5.76% Series A Cumulative Preferred Shares

^{Published on 2010-08-20 09:15:54 - Market Wire}
 

RYE, N.Y.--([ BUSINESS WIRE ])--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 aAAAa by Standard & Poora™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 aGRX Pr Aa 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.