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GDL Fund (The) | Series B Cumulative Puttable and Callable Preferred Shares (GDL.PRB)
This preferred is marked as having been called.
Prospectus excerpt: Three transferable subscription rights (a ÙRightˆ) will be issued for each Series A Cumulative Callable Preferred Share (the ÙExisting Preferredˆ) of the Fund held on the record date and are expected to trade in the NASDAQ Capital Market (ÙNASDAQˆ). These Rights will allow Existing Preferred shareholders to subscribe for new Series B Cumulative Puttable and Callable Preferred Shares (the ÙSeries B Preferredˆ or ÙNew Preferredˆ) of the Fund. 1,920,242 shares of Existing Preferred are outstanding as of February 28, 2011. Two Rights will be required to purchase one share of New Preferred. An over-subscription privilege will be offered. 2,880,363 shares of New Preferred will be issued if all Rights are exercised. See ÙTerms of the Offering.ˆ Full Prospectus PDF », Secondary Prospectus PDF », GDL Page »
| Series: | B | | Alternate symbology: | GDL-B, GDL-PB, GDLprB | | Redeemable?: | Yes | | Call Date: | 3/26/2014 (Now Trading Post Call Date) | | Maturity Date: | 3/26/2018 | | Cumulative?: | Yes | | Shares Offered: | 5,760,726 | | Overallotment: | 2,880,363 | | Liquidation Preference: | $50.00 | | Original Coupon: | 7.00% for the dividend periods ending on or prior to March 26, 2012 and thereafter will be reset and publicly announced in a notice at least 60 days prior to the end of such period for the four dividend periods ending March 26, 2013, at least 60 days prior to the end of such period for the eight dividend periods ending March 26, 2015, and at least 60 days prior to the end of such period for all remaining dividend periods prior to the mandatory redemption date of March 26, 2018. Each reset dividend rate will be determined by the Board of Trustees of the Fund or a committee thereof in its sole discretion at a rate not less than 3.00% per year (sh.375 per share per dividend period) and not greater than the annualized yield observed at or about the time of the reset process by the Fund for any issuance of a bond of a U.S. corporation rated A by at least one rating agency. | | Pay Period: | Quarterly | | Pay Dates: | 26-Mar, 26-Jun, 26-Sep, 26-Dec | | CDx3 Compliance Rating: |
Learn GDL.PRB's Rating
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GDL Fund is registered as a diversified, closed-end management investment company. The Fund's primary investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. Preferreds: GDL.PRB, GDL.PRC
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