RYE, N.Y.--(BUSINESS WIRE)--The Board of Trustees of The Gabelli Healthcare & WellnessRx Trust (NYSE:GRX) is pleased to announce the issuance of two million 4.00% Series C Cumulative Preferred Shares with an aggregate liquidation value of $40 million in a private placement.

The Fund expects to use the net proceeds from the offering to redeem the Fund’s outstanding 5.875% Series B Cumulative Preferred Shares as well as for investment purposes consistent with the Fund’s investment objectives.

The Series C Preferred will pay distributions quarterly at an annual rate of 4.00% of the $20.00 per share liquidation preference, beginning on March 26, 2021.

The Series C Preferred may be put back to the Fund during each 30-day period prior to December 26, 2022 and December 26, 2023 at the liquidation preference, plus any accumulated and unpaid dividends.

The Series C Preferred is non-callable for three years, and is subject to mandatory redemption by the Fund on December 18, 2024.

The Board of Trustees would like to thank all participants in the offering.

About The Gabelli Healthcare & WellnessRx Trust

The Gabelli Healthcare & WellnessRx Trust is a diversified, closed-end management investment company with $318 million in total net assets 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).