NEW YORK -- (Business Wire)
The Board of Directors of Royce Value Trust, Inc. (NYSE–RVT) has
authorized the redemption of all outstanding shares of its 5.90%
Cumulative Preferred Stock (NYSE - RVT.prb) (the “Preferred Shares”).
The date of the redemption is November 15, 2012, and the redemption
price will be equal to the Liquidation Preference of $25.00 per
Preferred Share, plus accumulated but unpaid dividends. The Paying Agent
for the redemption is Computershare Trust Company, N.A.
A senior secured credit facility provided by a financial institution
will be used to redeem and replace a portion of the outstanding
On and after the redemption date, the Preferred Shares will no longer be
deemed outstanding, dividends will stop accumulating, and all of the
rights of the Preferred Stockholders with respect to the redeemed
Preferred Shares will cease, except the right to receive the redemption
price. A redemption notice will soon be sent to all Preferred
Stockholders of record.
The Preferred Shares, which trade on the New York Stock Exchange, are
rated ‘A1’ by Moody’s and had an annual dividend rate of $1.475 per
share. The Preferred Shares were issued on October 9, 2003 at $25.00 per
share. They paid distributions on a quarterly basis. Following five
years of call protection, on October 9, 2008 the Preferred Shares became
callable at any time at the Liquidation Preference of $25.00 per share
plus accumulated but unpaid dividends.
Royce Value Trust, Inc. is a closed-end diversified management
investment company whose shares of Common Stock (NYSE - RVT) and the
Preferred Shares are listed and traded on the New York Stock Exchange.
The Fund’s primary investment goal is long-term capital growth, which it
seeks by normally investing at least 65% of its assets in equity
securities primarily of small- and micro-cap companies.
For more information on The Royce Fundssm, please visit our
Royce Value Trust, Inc.
John D. Diederich, 800-348-1414
Source: Royce Value Trust, Inc.
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