Pacholder High Yield Fund Announces Payment of Dividends on April 29, 2011 and Increase in Monthly Dividends
April 15 2011 - 8:00AM
Business Wire
The Pacholder High Yield Fund, Inc. (NYSE AMEX:PHF) declared a
distribution of $0.070 per common share payable on April 29, 2011
to shareholders of record on April 28, 2011. The ex-date for the
dividend is April 26, 2011.
The Board of Directors has also authorized the Fund to increase
the amount of monthly dividends from $0.06 per common share to
$0.07 per common share beginning with the April dividend described
above. From March 2010 until March 2011, the Fund paid a monthly
dividend of $0.06 per common share. The Fund has undistributed net
income of approximately $2,000,000 as of February 28, 2011. The
Fund anticipates paying a monthly dividend of $0.07 per common
share, subject to market conditions and the requirement that the
Fund maintains asset coverage of at least 200% of the Auction Rate
Preferred Shares (“ARPS”) after payment of dividends. The amount of
monthly dividend may be more or less than the actual income earned
by the Fund in a given month and the Board will continue to monitor
the continuing appropriateness of the dividend level in light of
market conditions and income earned by the Fund over time. In
addition, during the last quarter of the year, the Board will
consider the amount of undistributed net income remaining, if any,
and may declare a special dividend.
Updated information on the amount of undistributed net income
will continue to be included on the fact sheet available on the
Fund’s website at www.pacholder.com. In the event that market
conditions change such that the Fund would not meet its asset
coverage requirements and/or is not able to declare or pay a
dividend at the rate of $0.07 per common share, shareholders will
be notified.
The Fund is a closed-end diversified management investment
company with a leveraged capital structure. Its investment
objective is to provide a high level of total return through
current income and capital appreciation. Under normal
circumstances, the Fund invests at least 80% of the value of its
assets in high yield securities. The Fund invests primarily in
fixed income securities of domestic companies. The Fund’s common
stock is traded on the NYSE AMEX under the symbol “PHF”.
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