Guggenheim Build America Bonds Managed Duration Trust Raises $340M from IPO

Guggenheim Build America Bonds Managed Duration Trust GBAB announced that it has sized its initial public offering of common shares. The Trust's common shares will begin trading on the New York Stock Exchange today under the symbol (GBAB). The Trust offered 17 million shares at a price of $20 per share, representing an aggregate public offering price of $340 million, through an underwriting syndicate led by BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated, Wells Fargo Securities, LLC and Raymond James & Associates, Inc. The underwriters have the right to exercise an overallotment option which could increase the number of shares outstanding by as much as 15% within the next 45 days.