NAPERVILLE, Ill., Aug. 24, 2021 /PRNewswire/ -- The Boards of
Trustees of six of Calamos Investments' closed-end funds (the
Funds) today announced the issuance of two additional series of
mandatory redeemable preferred (MRP) shares totaling $284.5 million. The newly issued MRP shares will
provide additional financial leverage for the Funds.
"The successful placement of these shares is a testament to the
strength of the Calamos Closed-End Fund franchise," said
John Koudounis, President and CEO of
Calamos Investments. He continued, "With our history of innovation
and commitment to delivering closed-end fund solutions suited for a
range of investor needs, the business remains an important
component of our growth strategy going forward."
Kroll Bond Rating Agency, LLC (KBRA) assigned ratings of "AA-"
to each series of MRP shares. The MRP shares were privately
placed with institutional investors and were issued in two series
subject to mandatory redemption 5 years from the date of issuance,
as shown. The Series D and Series E MRP shares are to pay monthly
cash dividends initially at rates of 2.45% and 2.68%, respectively,
subject to adjustment under certain circumstances. Series E has a
delayed funding date of May 24,
2022. The co-placement agents for this offering of MRP shares
were Nomura Securities International, Inc. and UBS Securities
LLC.
John. P. Calamos, Sr., Chairman and Global Chief Investment
Officer stated, "This transaction continues to provide our
closed-end funds' additional diversification in their funding
structure while locking in longer term financing at attractive
rates which we believe will benefit the Funds' common
shareholders."
|
MRP Shares
Issuance – Aggregate Liquidation Preference by Series (in
Millions)
|
|
Fund
|
Series
D
(5
years)
(August 24,
2026)
|
Series
E
(5
years)
(May 24,
2027)
|
Total
Issued
|
|
CHI
(inception 06/26/2002)
Calamos Convertible Opportunities and Income Fund
|
$33.00
|
$33.25
|
$66.25
|
|
CHY
(inception 05/28/2003)
Calamos Convertible
and High Income Fund
|
$35.00
|
$36.50
|
$71.50
|
|
CSQ
(inception 03/26/2004)
Calamos Strategic
Total Return Fund
|
$62.00
|
$0.00
|
$62.00
|
|
CGO
(inception 10/27/2005)
Calamos Global Total
Return Fund
|
$5.00
|
$4.00
|
$9.00
|
|
CHW
(inception 06/27/2007)
Calamos Global
Dynamic Income Fund
|
$5.00
|
$21.50
|
$26.50
|
|
CCD
(inception 03/27/2015)
Calamos Dynamic
Convertible and Income Fund
|
$28.00
|
$21.25
|
$49.25
|
Additional information about Calamos closed-end funds can be
found on our website at:
www.calamos.com/CHI, www.calamos.com/CHY, www.calamos.com/CSQ,
www.calamos.com/CGO, www.calamos.com/CHW, and
www.calamos.com/CCD.
About Calamos
Calamos Investments is a diversified global investment firm
offering innovative investment strategies including alternatives,
multi-asset, convertible, fixed income, and equity. The firm offers
strategies through separately managed portfolios, mutual funds,
closed-end funds, private funds, and UCITS funds. Clients include
major corporations, pension funds, endowments, foundations and
individuals, as well as the financial advisors and consultants who
serve them. Headquartered in the Chicago metropolitan area, the firm also has
offices in New York, San Francisco, Milwaukee, and the Miami area. For more information, please visit
www.calamos.com.
*Calamos Investments LLC, referred to herein as Calamos
Investments®, is a financial services company offering
such services through its subsidiaries: Calamos Advisors LLC,
Calamos Wealth Management LLC, Calamos Investments LLP and Calamos
Financial Services LLC.
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SOURCE Calamos Investments