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Gabelli Utility Trust Completes Successful Rights Offering Raising $54 Million



  Gabelli Utility Trust Completes Successful Rights Offering Raising $54
  Million

Business Wire

RYE, N.Y. -- December 19, 2012

The Gabelli Utility Trust (NYSE:GUT) (the “Fund”) is pleased to announce the
successful completion of its transferable rights offering (the “Offering” or
“Offer”) in which the Fund will issue 8,993,873 common shares, totaling
$53,963,238. Pursuant to the Offer, the Fund issued one transferable right (a
“Right”) for each common share of the Fund to shareholders of record (record
date shareholders) as of November 12, 2012. Holders of Rights were entitled to
purchase one newly issued common share by submitting five Rights and $6.00 per
share (the subscription price).

The Offering was significantly over-subscribed. The Fund received
subscriptions (including over-subscription requests) for over 10.6 million
common shares, totaling approximately $63 million. The over-subscription
requests exceeded the over-subscription shares available. As a result, the
available over-subscription shares will be allocated pro rata among those
fully exercising record date shareholders who over-subscribed based on the
number of Rights originally issued to them by the Fund.

The new common shares will be issued on December 21, 2012.

Common shares issued as a result of the Offer will not be record date shares
for the Fund’s monthly distribution to be paid on December 20, 2012 and will
not be entitled to receive such distribution.

We thank all our subscribing shareholders as well as the full service brokers
and financial advisers who assisted our shareholders throughout the Offering.

The Gabelli Utility Trust is a non-diversified, closed-end management
investment company with approximately $281 million in total net assets, after
giving effect of the Offering, whose primary investment objective is long-term
growth of capital and income. The Fund invests at least 80% of its assets,
under normal market conditions, in common stocks and other securities of
foreign and domestic companies involved in providing products, services, or
equipment for (i) the generation or distribution of electricity, gas, and
water and (ii) telecommunications services or infrastructure operations. The
Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
(NYSE:GBL), which is a publicly traded NYSE listed company.

This press release is not an offering, which can only be made by a prospectus.
Investors should consider the Fund’s investment objectives, risks, charges,
and expenses carefully before investing. The Fund’s prospectus contains this
and other important information and should be read carefully before investing.
Visit www.gabelli.com for more information about the Fund.

Contact:

The Gabelli Utility Trust
David Schachter, 914-921-5070
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