Advent/Claymore Closed-End Funds Announce Tender Offers
August 09 2017 - 4:15PM
Advent Claymore Convertible Securities and Income Fund (NYSE:AVK)
and Advent Claymore Convertible Securities and Income Fund II
(NYSE:AGC) (each a “Fund” and together, the “Funds”) announced
today that each Fund’s tender offer (the “Tender Offers”) to
purchase for cash up to 15% of such Fund’s outstanding common
shares of beneficial interest (the “Shares”) at a price per Share
equal to 98% of such Fund’s net asset value (“NAV”) per Share, as
of the business day immediately following the expiration of the
Tender Offer, will commence on Wednesday, August 9, 2017 and
expire, unless otherwise extended, at 5:00 p.m., New York City
Time, on Thursday, September 7, 2017.
The Funds’ Board of Trustees previously
announced its intention to conduct the Tender Offers in a press
release dated May 1, 2017.
The terms and conditions of each Fund’s Tender
Offer are set forth in such Fund’s Offer to Purchase and related
Letter of Transmittal that have been filed with the Securities and
Exchange Commission (SEC).
Questions regarding the Tender Offers may be
directed to Georgeson, Inc., the information agent for the Tender
Offers as follows: for inquiries regarding AGC, (888) 607-9252; for
inquiries regarding AVK, (800) 509-1078.
The above statements are not intended to
constitute an offer to participate in the Tender Offers. The Tender
Offers will be made only by an Offer to Purchase, a related Letter
of Transmittal and other documents that have been filed with the
SEC. Shareholders of the Funds should read the Offer to Purchase
and tender offer statement and related exhibits, as they contain
important information about the tender offers. These and other
filed documents are available to investors for free both at the
website of the SEC and from the Funds.
Neither the Funds nor their Boards of Trustees
nor Guggenheim Funds Distributors, LLC, AVK’s servicing agent,
Guggenheim Funds Investment Advisors, LLC, AGC’s investment
adviser, nor Advent Capital Management, LLC, the Funds’ investment
manager, makes any recommendation to any shareholder as to whether
to tender common shares for purchase or to refrain from tendering
common shares.
Additional Information
About Advent Capital
ManagementAdvent Capital Management, LLC (“Advent”) is a
registered investment advisor dedicated to providing its clients
with superior investment performance. Advent invests primarily in
convertible, high yield and equity securities offered through long
only, hedge-fund and NYSE-listed closed-end fund products. Advent’s
investment team consists of seasoned professionals performing
bottom-up fundamental research. Since inception in 1995, Advent has
grown into a $9 billion diversified investment management firm (as
of March 31, 2017) with the ability to capture opportunities
globally. Advent’s growing client base includes some of the world’s
largest public and corporate pension plans, foundations,
endowments, insurance companies and high net worth individuals.
Advent is not affiliated with Guggenheim.
About Guggenheim
InvestmentsGuggenheim Investments is the global asset
management and investment advisory division of Guggenheim Partners,
LLC (“Guggenheim”), with $237 billion* in total assets across fixed
income, equity, and alternative strategies. We focus on the return
and risk needs of insurance companies, corporate and public pension
funds, sovereign wealth funds, endowments and foundations,
consultants, wealth managers, and high-net-worth investors. Our
275+ investment professionals perform rigorous research to
understand market trends and identify undervalued opportunities in
areas that are often complex and underfollowed. This approach to
investment management has enabled us to deliver innovative
strategies providing diversification opportunities and attractive
long-term results.
*Guggenheim Investments total asset figure is as
of 06.30.2017. The assets include leverage of $11.3bn for assets
under management and $0.4bn for assets for which we provide
administrative services. Guggenheim Investments represents the
following affiliated investment management businesses of Guggenheim
Partners, LLC: Guggenheim Partners Investment Management, LLC,
Security Investors, LLC, Guggenheim Funds Investment Advisors, LLC,
Guggenheim Funds Distributors, LLC, Guggenheim Real Estate, LLC, GS
GAMMA Advisors, LLC, Guggenheim Partners Europe Limited, and
Guggenheim Partners India Management.
This information does not represent an offer to
sell securities of the Funds and it is not soliciting an offer to
buy securities of the Funds. There can be no assurance that the
Funds will achieve their investment objectives. The net asset
values of the Funds will fluctuate with the value of the underlying
securities. It is important to note that closed-end funds trade on
their market value, not net asset value, and closed-end funds often
trade at a discount to their net asset value. Past performance is
not indicative of future performance. An investment in the Funds is
subject to certain risks and other considerations. Such risks and
considerations may include, but are not limited to: Investment and
Market Risk; Convertible Securities Risk; Structured and Synthetic
Convertible Securities Risk; Lower Grade Securities Risk; Equity
Securities Risk; Preferred Securities Risk; Derivatives Risk;
Interest Rate Risk; Leverage Risk; Anti-Takeover Provisions;
Foreign Securities Risk; Foreign Currency Risk; Market Disruption
Risk; Risk Associated with the Fund’s Covered Call Option Writing
Strategy; Senior and Second Lien Secured Loan Risk and Illiquidity
Risk. See www.guggenheiminvestments.com/cef for a detailed
discussion of fund-specific risks.
Investors should consider the investment
objectives and policies, risk considerations, charges and expenses
of any investment before they invest. For this and more information
visit www.guggenheiminvestments.com or contact a securities
representative or Guggenheim Funds Distributors, LLC 227 West
Monroe Street, Chicago, IL 60606, 800-345-7999.
Analyst InquiriesWilliam T.
Korvercefs@guggenheiminvestments.com
NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE
VALUE
Member FINRA/SIPC (08/17)
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