Ares Announces Closing of Reorganization of Its Closed-End Funds
August 31 2015 - 9:03AM
Business Wire
Ares Capital Management II LLC today announced that the
reorganization of Ares Multi-Strategy Credit Fund, Inc. (NYSE:
ARMF) into Ares Dynamic Credit Allocation Fund, Inc. (NYSE:
ARDC), whereby ARDC acquired all of the assets and assumed the
stated liabilities of ARMF in exchange for newly issued shares of
ARDC, with ARDC being the surviving fund (the “Reorganization”) is
effective as of the opening for business of the New York Stock
Exchange on August 31, 2015.
In the Reorganization, common stockholders of ARMF received an
amount of shares of ARDC common stock equal to the aggregate net
asset value of their holdings of shares of ARMF common stock as
determined at the close of business on August 28, 2015. Fractional
shares of ARDC common stock were not issued in the Reorganization
and consequently cash will be distributed for any such fractional
amounts.
Relevant details pertaining to the Reorganization are as
follows:
Fund NAV / Share
($)
Conversion
Ratio
Ares Dynamic Credit Allocation Fund, Inc. (ARDC)
17.322984 N/A Ares
Multi-Strategy Credit Fund, Inc. (ARMF)
21.020937 1.21347090
This press release is not intended to, and does not constitute,
an offer to purchase or sell shares of ARDC, the surviving fund in
the Reorganization.
About Ares Dynamic Credit Allocation Fund, Inc.
Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”) is a
non-diversified, closed-end management company that is externally
managed by Ares Capital Management II LLC, a subsidiary of Ares
Management, L.P. ARDC seeks to provide an attractive level of total
return primarily through current income and, secondarily, through
capital appreciation. ARDC invests in a broad, dynamically-managed
portfolio of credit investments. There can be no assurance that
ARDC will achieve its investment objective. ARDC’s net asset value
may be accessed through its NASDAQ ticker symbol, XADCX. Additional
information is available at www.arespublicfunds.com.
About Ares Management, L.P.
Ares Management, L.P. (NYSE: ARES) is a leading global
alternative asset manager with approximately $88 billion1 of assets
under management and more than 15 offices in the United States,
Europe and Asia as of June 30, 2015. Since its inception in 1997,
Ares has adhered to a disciplined investment philosophy that
focuses on delivering strong risk-adjusted investment returns
throughout market cycles. Ares believes each of its four distinct
but complementary investment groups in Tradable Credit, Direct
Lending, Private Equity and Real Estate is a market leader based on
assets under management and investment performance. Ares was built
upon the fundamental principle that each group benefits from being
part of the greater whole.
Forward-Looking Statements
Statements included herein may constitute “forward-looking
statements” within the meaning of the U.S. securities laws, and may
relate to future events or our future performance or financial
condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements as a result of a number of factors,
including those described from time to time in our filings with the
Securities and Exchange Commission and others beyond ARDC’s
control. ARDC undertakes no duty to update any forward-looking
statements made herein.
This document is not an offer to sell securities and is not
soliciting an offer to buy securities in any jurisdiction where the
offer or sale is not permitted. An investor should consider ARDC’s
investment objective, risks, charges and expenses carefully before
investing.
Ares Dynamic Credit Allocation Fund is a closed-end fund, which
does not engage in a continuous offering of its shares. Since its
initial public offering, ARDC has traded on the New York Stock
Exchange under the symbol ARDC. Investors wishing to
purchase or sell shares may do so by placing orders through a
broker dealer or other intermediary.
1 As of June 30, 2015, AUM amounts include capital available to
vehicles managed or co-managed by Ares, including funds managed by
Ivy Hill Asset Management, L.P., a wholly owned portfolio company
of Ares Capital Corporation and a registered investment
adviser.
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version on businesswire.com: http://www.businesswire.com/news/home/20150831005680/en/
Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.comorDestra Capital
Investments877-855-3434ARDC@destracapital.comwww.arespublicfunds.com
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