The Gabelli Equity Trust Inc. (NYSE:GAB) is pleased to announce the placement of $150 million
of 6.20% Series F Cumulative Preferred Stock. It is currently contemplated that the proceeds
raised will be used to redeem shares of the Fund's 7.20% Series B Cumulative Preferred Stock,
of which there are currently 4,950,000 shares outstanding with a liquidation preference of
$25 per share.
The 6.20% Series F Cumulative Preferred Stock is rated "Aaa" by Moody's Investors Service,
Inc. The 6.20% Series F Cumulative Preferred Stock is perpetual, non-callable for five years,
and will be issued at $25 per share. Distributions will be paid quarterly beginning on
December 26, 2006. The Fund expects that the 6.20% Series F Cumulative Preferred Stock will
trade on the New York Stock Exchange under the symbol "GAB Pr F" within 30 days.
Citigroup, Merrill Lynch & Co., A.G. Edwards & Sons, and Gabelli & Company, Inc. served as
underwriters for the offering, which is expected to close on November 10, 2006.
The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company
with $1.9 billion in total assets. The Fund's primary 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.