DENVER, Nov. 5, 2020 /PRNewswire/ -- Boulder Growth
& Income Fund, Inc. (NYSE: BIF) (the Fund) announced that it
agreed to issue and sell an aggregate principal amount of
$225 million of senior unsecured
notes (Notes) in a private placement to certain "accredited
investors" pursuant to Section 4(a)(2) of the Securities Act of
1933, as amended.
An aggregate principal amount of $225
million of the Notes was issued on November 5, 2020, in three series with maturities
of 10-, 12-, and 15-years. Fitch Ratings assigned long term
ratings of "A" to each series of Notes on November 5, 2020.
"The successful issuance of these Notes provides Fund
shareholders with an opportunity to benefit from the current
interest rate environment and opportunities that present themselves
in the market," said Joel Looney,
President and Portfolio Manager of the Fund, and President and
Assistant Investment Officer of Rocky Mountain Advisers, LLC (RMA),
sub-adviser to the Fund. Looney continued, "With its
disciplined investment philosophy, RMA will attempt to take
advantage of market volatility to benefit Fund shareholders."
The 10-, 12-, and 15-year series will pay interest semi-annually
at the rate of 2.62%, 2.72%, and 2.87%, respectively.
Interest on the Notes is payable semiannually, on the
5th day of May and November in each year,
commencing on May 5, 2021. The proceeds from the Notes will be
used for making new portfolio investments and for general corporate
purposes.
"The success of this transaction is a testament to the prudent
investment discipline of the Fund's portfolio management," said
Laton Spahr, President of ALPS Advisors, Inc., investment adviser
to the Fund. He continued, "We believe the opportunity for
the Fund to issue long term notes at attractive rates has the
potential to accrue to the benefit of Fund shareholders."
Notes Issuance Total
Principal by Series
|
Series
|
$85 Million 10-year
Bullet Notes Due November 5, 2030
|
$85 Million 12-year
Bullet Notes Due November 5, 2032
|
$55 Million 15-year
Bullet Notes Due November 5, 2035
|
The Notes will not be and have not been registered under the
Securities Act or any state securities laws and may not be offered
or sold absent registration under the Securities Act, or pursuant
to an applicable exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and
applicable state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
the in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
Except for the historical information and discussions contained
herein, certain statements contained in this press release
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are typically identified by words or phrases such as,
"achieve", "anticipate", "assume", "believe", "continue",
"current", "estimate", "expect", "forecast", "future", "indicate",
"intend", "intention", "likely", "maintain", "opportunity",
"outlook", "plan", "position", "potential", "predict", "project",
"remain", "seek", "sustain", "target", "trend" or future or
conditional verbs such as "will," "would," "should," "could," "may"
or similar expressions. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over
time. Actual future results or occurrences could differ
materially from those anticipated in any forward-looking statements
and future results could differ materially from historical
performance. Such risks and uncertainties include, but are not
limited to: market developments; legal and regulatory developments;
and other additional risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Fund and its affiliates undertake no responsibility to
update publicly or revise any forward-looking statements.
___________
The Fund
Boulder Growth & Income Fund, Inc. is a non-diversified
closed-end investment company traded on the New York Stock Exchange
under the trading symbol "BIF". As of October 28, 2020, the Fund's NAV was $11.71 per share and the closing market price was
$9.50 (a -18.87% discount to NAV).
For more information on the Fund, please visit the Fund's webpage
at www.bouldercef.com. The
Fund is a closed-end fund and does not continuously issue stock
for sale as open-end mutual funds do. The Fund now trades in the
secondary market. Investors wishing to buy or sell stock need to
place orders through an intermediary or broker. The share price of
a closed-end fund is based on the market value.
___________
About SS&C | ALPS Advisors
SS&C ALPS Advisors, Inc., a wholly-owned subsidiary of
SS&C Technologies, Inc., is a leading provider of investment
products for advisors and institutions. Headquartered in
Denver, CO with over $12 billion under management as of September 30, 2020, ALPS Advisors is an open
architecture boutique investment manager offering portfolio
building blocks, active insight, and an unwavering drive to guide
clients to investment outcomes across sustainable income, thematic
and alternative growth strategies. For more information, visit
www.alpsfunds.com/.
About SS&C Technologies
SS&C is a global provider of services and software for the
financial services and healthcare industries. Founded in 1986,
SS&C is headquartered in Windsor,
Connecticut, and has offices around the world. Some 18,000
financial services and healthcare organizations, from the world's
largest companies to small and mid-market firms, rely on SS&C
for expertise, scale and technology.
Rocky Mountain Advisers, LLC
RMA is an investment adviser registered with the SEC based out
of Kansas. More information about
RMA is available at www.bouldercef.com as well as the SEC's
investment adviser search website at www.adviserinfo.sec.gov.
ALPS Portfolio Solutions Distributor, Inc., FINRA
Member.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
View original
content:http://www.prnewswire.com/news-releases/boulder-growth--income-fund-inc-announces-225-million-issuance-of-senior-unsecured-notes-301167384.html
SOURCE Boulder Growth & Income Fund, Inc.