Class C

Gabelli Utilities Fund Reaffirms $0.88 Distribution Policy and Announces Conversion of C1 Class

Retrieved on: 
Thursday, February 29, 2024

GREENWICH, Conn., Feb. 29, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees (the “Board”) of The Gabelli Utilities Fund (the “Fund”) reaffirmed the Fund’s annual distribution rate of $0.88 per share for Class I, Class A, Class AAA, and Class C shareholders.

Key Points: 
  • GREENWICH, Conn., Feb. 29, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees (the “Board”) of The Gabelli Utilities Fund (the “Fund”) reaffirmed the Fund’s annual distribution rate of $0.88 per share for Class I, Class A, Class AAA, and Class C shareholders.
  • If Class C1 shares are not redeemed prior to the Effective Date, each shareholder owning Class C1 shares of the Fund will own Class C shares of the Fund equal to the aggregate value of the shareholder’s Class C1 shares.
  • Therefore, shareholders of Class C1 shares who do not redeem their Class C1 shares, and instead have their Class C1 shares converted into Class C shares, will own a fewer number of shares (but with the same aggregate dollar value) after such conversion.
  • Since the per share distribution of the Class C1 shares and the Class C shares is the same, shareholders whose shares are converted to Class C will receive a lower total distribution amount as Class C shareholders even though the per share amount will remain unchanged.

KBRA Assigns Preliminary Ratings to JCP Direct Lending CLO 2023-1 Ltd

Retrieved on: 
Friday, June 2, 2023

KBRA assigns preliminary ratings to eight classes of notes issued by JCP Direct Lending CLO 2023-1 Ltd (JCP 2023-1), a collateralized loan obligation backed by a portfolio of middle market corporate loans.

Key Points: 
  • KBRA assigns preliminary ratings to eight classes of notes issued by JCP Direct Lending CLO 2023-1 Ltd (JCP 2023-1), a collateralized loan obligation backed by a portfolio of middle market corporate loans.
  • JCP Direct Lending CLO 2023-1 Ltd is a $350.0 million delayed-draw middle market cash flow collateralized loan obligation (CLO) managed by Jefferies Credit Partners LLC (“JCP” or the “manager”).
  • The rated Notes are partially unfunded at closing and can be drawn upon during the commitment period to purchase or originate assets.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.

FINRA Orders Merrill Lynch, Pierce, Fenner & Smith, Inc. to Pay $15.2 Million in Restitution

Retrieved on: 
Thursday, June 2, 2022

Mutual fund issuers offer different classes of mutual fund shares, including Class A and Class C shares.

Key Points: 
  • Mutual fund issuers offer different classes of mutual fund shares, including Class A and Class C shares.
  • Many mutual fund issuers allow customers to purchase Class A shares without a front-end sales charge if the purchase exceeds certain thresholds.
  • Merrill Lynch maintained an automated system designed to restrict a customers purchase of Class C shares when lower cost Class A shares were available.
  • The system, however, often failed to correctly identify and implement applicable purchase limits on Class C shares.

Gabelli Utilities Fund Reaffirms $0.88 Distribution Policy and Announces New C1 Class

Retrieved on: 
Wednesday, June 1, 2022

The Board of Trustees (the Board) of The Gabelli Utilities Fund (the Fund) reaffirmed the Funds annual distribution rate of $0.88 per share for Class I, Class A, Class AAA, and Class C shareholders.

Key Points: 
  • The Board of Trustees (the Board) of The Gabelli Utilities Fund (the Fund) reaffirmed the Funds annual distribution rate of $0.88 per share for Class I, Class A, Class AAA, and Class C shareholders.
  • The Board also announced Class C shares (ticker: GAUCX) were renamed Class C1.
  • The new Class C shares, which will have similar attributes to the Class C1 shares, will have an annual distribution rate of $0.88 per share.
  • The new Class C shares will have a cash distribution of approximately 11% of NAV at inception, a similar rate to Class I, Class A, and Class AAA shares.

Gores Guggenheim and Polestar Announce Effectiveness of Registration Statement and Dates of Special Meeting and Warrant Holder Meeting

Retrieved on: 
Wednesday, May 25, 2022

The Company will hold a special meeting of stockholders (in lieu of its 2022 annual stockholders meeting) at 9:30 a.m., Eastern time, on June 22, 2022 (the Special Meeting).

Key Points: 
  • The Company will hold a special meeting of stockholders (in lieu of its 2022 annual stockholders meeting) at 9:30 a.m., Eastern time, on June 22, 2022 (the Special Meeting).
  • In addition, the Company will hold a meeting of public warrant holders at 10:00 a.m., Eastern Time, on June 22, 2022 (the Warrant Holder Meeting).
  • The Company has separately filed with the SEC a definitive proxy statement relating to the proposed Business Combination.
  • Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC.

KBRA Assigns Preliminary Ratings to Cedar Crest 2021-2 LLC

Retrieved on: 
Thursday, December 9, 2021

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Cedar Crest 2021-2 LLC (Cedar Crest 2021-2), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated and middle market corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Cedar Crest 2021-2 LLC (Cedar Crest 2021-2), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated and middle market corporate loans.
  • Cedar Crest 2021-2 is serviced by Panagram Structured Asset Management LLC (Panagram or the servicer) and will have a two-year reinvestment period.
  • The collateral in Cedar Crest 2021-2 will primarily consist of both middle market and broadly syndicated leveraged loans issued by corporate obligors diversified across sectors.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Assigns Preliminary Ratings to Shawnee 2021-1 LLC

Retrieved on: 
Wednesday, November 17, 2021

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Shawnee 2021-1 LLC (Shawnee 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated and middle market corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Shawnee 2021-1 LLC (Shawnee 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated and middle market corporate loans.
  • Shawnee 2021-1 is managed by Panagram Structured Asset Management LLC (Panagram or the servicer) and will have a static portfolio with no ability to reinvest.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Assigns Preliminary Ratings to Guggenheim MM CLO 2021-3, Ltd.

Retrieved on: 
Thursday, November 4, 2021

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Guggenheim MM CLO 2021-3, Ltd., a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of middle market and broadly syndicated corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Guggenheim MM CLO 2021-3, Ltd., a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of middle market and broadly syndicated corporate loans.
  • Guggenheim MM CLO 2021-3, Ltd. is managed by Guggenheim Corporate Funding, LLC (GCF or the collateral manager).
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

KBRA Assigns Preliminary Ratings to Cedar Crest 2021-1 LLC

Retrieved on: 
Monday, September 13, 2021

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Cedar Crest 2021-1 LLC (Cedar Crest 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated and middle market corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seven classes of notes issued by Cedar Crest 2021-1 LLC (Cedar Crest 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated and middle market corporate loans.
  • Cedar Crest 2021-1 is managed by Panagram Structured Asset Management LLC (Panagram or the servicer) and will have a two-year reinvestment period.
  • The collateral in Cedar Crest 2021-1 will primarily consist of both middle market and broadly syndicated leveraged loans issued by corporate obligors diversified across sectors.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.