Simpson Thacher Represents Underwriters in $30 Million Preferred Share Offering by the Ellsworth Growth and Income Fund
09.28.17
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Simpson Thacher represented the underwriters, led by Morgan Stanley, in connection with the public offering by Ellsworth Growth and Income Fund Ltd. (the “Fund”) of 1,200,000 shares of 5.25% Series A Cumulative Preferred Shares. The offering raised aggregate net proceeds of approximately $29.055 million.
The Fund is a diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund invests primarily in convertible securities, with the objectives of providing income and the potential for capital appreciation. Its common shares trade on the NYSE American LLC under the symbol “ECF.” The Fund’s investment adviser is Gabelli Funds, LLC.
The Simpson Thacher team for the transaction included Sarah Cogan, Rafael Vasquez and Ben Wells (Capital Markets); Lucie Enns (Funds); Jeanne Annarumma (Executive Compensation and Employee Benefits); Jennie Getsin (FINRA and Blue Sky); and Jonathan Cantor (Tax).