Angel Oak Capital Advisors Announces the Completion of the Reorganization of Vivaldi Opportunities Fund with & into Angel Oak...
June 08 2020 - 9:00AM
Business Wire
A leader in community bank debt investing
continues to find value in niche market
Angel Oak Capital Advisors, LLC (Angel Oak), an investment
management firm that specializes in value-driven, fixed-income
investment solutions, is pleased to announce that the
reorganization of Vivaldi Opportunities Fund (NYSE: VAM) with and
into Angel Oak Financial Strategies Income Term Trust (NYSE: FINS)
was completed on June 5, 2020 after the close of trading.
The completed reorganization and related issuance of new shares
of FINS, which required approval by shareholders of both funds and
satisfaction of applicable regulatory requirements, included the
transfer of all assets of VAM to FINS. Approximately 90% of VAM’s
total assets of approximately $68 million were transferred to FINS
in cash, with the balance in securities. FINS issued approximately
3,709,065 new common shares in exchange for the VAM assets,
bringing the total number of its outstanding common shares to
approximately 15,228,998. FINS total assets are now approximately
$280 million. VAM shareholders received 0.64701 shares of FINS for
each share of VAM held on June 5, 2020.
There will be no change to the investment objectives, investment
strategies or investment policies of FINS as a result of the
reorganization, and the entire FINS management team will remain the
same.
“We are very pleased to have been able to combine the assets of
Vivaldi Opportunities Fund with our FINS closed-end fund,” said
Johannes Palsson, Managing Director and Senior Portfolio Manager at
Angel Oak. “This is an exciting time to be investing in the
community banking sector, which we see as a bright spot even during
these challenging times. Adding VAM’s assets to FINS gives us ample
liquidity to deploy in select community bank sub-debt instruments
and other nonbank financial areas. Since the Great Financial
Crisis, we have generally seen deleveraging in the financial
sector. As debt investors, we like the increased levels of capital,
the lower leverage and the more disciplined credit culture we see
in the community bank sector.”
Since mid-2014, Angel Oak has participated in more than 200 new
issue deals for over $2 billion in subordinated and senior
community bank debt. Angel Oak’s dedicated team looks forward to
continuing to find value for its investors in the community bank
and nonbank financial sectors as it leverages its expertise and
proprietary research and investment strategies.
About Angel Oak Capital Advisors, LLC
Angel Oak Capital Advisors is an investment management firm
focused on providing compelling fixed-income investment solutions
for its clients. Backed by a value-driven approach, Angel Oak
Capital Advisors seeks to deliver attractive risk-adjusted returns
through a combination of stable current income and price
appreciation. Its experienced investment team seeks the best
opportunities in fixed-income investments, with a specialization in
mortgage-backed securities and other areas of structured and
corporate credit.
For more information, please visit www.angeloakcapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200608005342/en/
Media: Trevor Davis Gregory FCA for Angel Oak Capital Advisors
Email: trevor@gregoryfca.com Office: 215-475-5931 Randy Chrisman
Chief Marketing Officer at Angel Oak Capital Advisors Email:
randy.chrisman@angeloakcapital.com Office: 404-953-4969
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