Advent Claymore Convertible Securities and Income Fund II Commences Share Repurchase Program
August 18 2016 - 4:15PM
Advent Claymore Convertible Securities and Income Fund II
(NYSE:AGC) (the “Fund”), a closed-end fund, announced today that
the Fund commenced a share repurchase program (the “Repurchase
Program”). The Repurchase Program was authorized by the Fund’s
Board of Trustees, as previously announced on July 22, 2016.
Under the Repurchase Program, the Fund will
purchase, in the open market, up to 7.5% of its outstanding common
shares (based on common shares outstanding as of July 22,
2016). Pursuant to the Repurchase Program, the Fund will,
subject to applicable legal restrictions, conduct repurchases when
its common shares are trading on the New York Stock Exchange
(“NYSE”) at a discount to net asset value (“NAV”) of 13% or greater
and will, subject to certain parameters, conduct repurchases when
the discount to NAV is greater than 12% but less than 13%.
The Repurchase Program will terminate on
September 30, 2018, provided that following the commencement of the
Repurchase Program, if the closing price on the NYSE of the Fund’s
common shares represents a discount to NAV of less than 13% on five
consecutive trading days, the Repurchase Program will automatically
terminate. Under no circumstances will the Fund repurchase in a
given calendar month a number of common shares greater than 2% of
the Fund’s outstanding common shares as of the beginning of such
month.
The Repurchase Program allows the repurchase of
common shares in the open market at a discount to NAV. The
Repurchase Program could allow the Fund to realize incremental
accretion to its NAV and earnings per share to the benefit of
existing common shareholders. It could also have the benefit of
providing additional liquidity in the trading of common
shares.
There is no assurance that the Fund will
purchase common shares at any specific discount levels or in any
specific amounts. The Fund’s repurchase activity will be disclosed
in its shareholder report for the relevant fiscal period. There is
no assurance that the market price of the Fund’s common shares,
either on an absolute basis or relative to NAV, will increase as a
result of any repurchases of common shares, or that the Repurchase
Program will enhance shareholder value over the long-term.
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 an $8.6 billion diversified investment management firm
(as of June 30, 2016) 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.
About Guggenheim
InvestmentsGuggenheim Investments is the global asset
management and investment advisory division of Guggenheim Partners,
with $202 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 6.30.2016. The assets include leverage of $11.4bn for assets
under management and $0.5bn for assets for which we provide
administrative services. Guggenheim Investments represents the
following affiliated investment management businesses: Guggenheim
Partners Investment Management, LLC, Security Investors, LLC,
Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds
Distributors, LLC, Guggenheim Real Estate, LLC, Transparent Value
Advisors, 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 value
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.
NOT FDIC-INSURED NOT BANK-GUARANTEED
MAY LOSE VALUEMember FINRA/SIPC (08/16)
Analyst Inquiries
William T. Korver
cefs@guggenheiminvestments.com
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