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GDL Fund, 7.00% Series B Cumulative Puttable and Callable Preferred Shares
Ticker Symbol: GDL-B* CUSIP: 361570302 Exchange: NYSE
* NOTE: This security is no longer trading as of 5/29/2018
Security has been Called for: Tuesday, May 29, 2018
April 11, 2018 -- The GDL Fund announced today that it will redeem all remaining shares of its issued and outstanding Series B Cumulative Puttable and Callable Preferred Shares. The shares will be redeemed at $50.2625 per Series B Preferred Share, which consists of $50.00 per Series B Preferred Share (the liquidation preference) plus all accumulated and unpaid dividends through the redemption date of May 29, 2018. From and after the redemption date, the Series B Preferred Shares being redeemed will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the preferred shareholders of the Fund with respect to the Series B Preferred Shares will cease, except the right to receive the Redemption Price, without interest. ____________ May 23, 2017 -- The Preferred Shareholders of The GDL Fund (NYSE:GDL Pr B) have approved an extension of the mandatory redemption date for the Series B Preferred Shares from March 26, 2018 to March 26, 2020. The Preferred Shareholders voted to approve an amendment to the Statement of Preferences for the Series B Preferred Shares
extending the mandatory redemption date from March 26, 2018 to March 26, 2020, and to add March 26, 2018 as a date upon which the Fund will redeem all or any part of the Series B Preferred Shares that holders have properly submitted for
redemption and not withdrawn during the 30 -day period prior to March 26, 2018. The Fund expects this amendment to be implemented promptly. The Series B Preferred Shares may be redeemed at any time by the Fund with 30 to 60 days prior notice at the liquidation preference of $50.00 per share plus any accumulated and unpaid dividends.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: GDL Fund, Series B Cumulative Puttable and Callable Preferred Shares, liquidation preference $50 per share, redeemable at the issuer's option on or after 3/26/2014 at $50 per share plus accrued and unpaid dividends, and mandatorily redeemable on 3/26/2018 (revised to 3/26/2020). Distributions of 7.00% ($3.50) per annum will be paid quarterly on 3/26, 6/26, 9/26 & 12/26 through 3/26/2012 to holders of record on the record date which will be the fifth business day prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). On 3/26/2012, 3/26/2013 and 3/26/2015 the dividend rate will be reset and publicly announced in a notice at least 60 days prior to the end of each dividend period. Each reset dividend rate will be determined by the Board of Trustees of the Fund at a rate not less than 3.00% per year and not greater than the annualized yield observed at or about the time of the reset process for any issuance of a bond of a U.S. corporation rated A by at least one rating agency. The holder will have the option to put their preferred shares back to the fund for redemption during the 30-day period prior to March 26, 2013 and March 26, 2015 at the liquidation preference plus any accumulated and unpaid dividends. The majority of dividends paid by this preferred security should qualify for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and should also qualify for the dividends received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (GDL)
IPO - 4/18/2011 - 2.88 Million Shares @ $50.00/share.
Link to IPO Prospectus
Market Value $144.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: One Corporate Center, Rye, NY 10580 |
| Main Phone Number |
914-921-5100 |
| Fax Number |
914-921-5392 |
| Shareholder Services
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800-336-6983
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| Toll Free Phone Number |
800-422-3554 |
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