PGIM High Yield Bond Fund, Inc. & PGIM Global High Yield Fund, Inc. announce election to opt in to Maryland Control Share Acq...
July 09 2020 - 4:30PM
Business Wire
PGIM High Yield Bond Fund, Inc. (NYSE: ISD) and PGIM Global High
Yield Fund, Inc. (NYSE: GHY) announced today that each Fund has
elected to be subject to the Maryland Control Share Acquisition Act
(MCSAA), effective as of July 9, 2020.
The MCSAA protects the interests of all long-term stockholders
of a Maryland corporation by denying voting rights to holders of
“control shares” acquired in a “control share acquisition” unless
the other stockholders of the corporation reinstate those voting
rights at a meeting of stockholders by a vote of two-thirds of the
shares held by stockholders other than the acquiring person (i.e.,
the holder or group of holders acting in concert that acquires, or
proposes to acquire, “control shares”). Generally, “control shares”
are shares that, when aggregated with shares already owned by an
acquiring person or which the acquiring person is entitled to
exercise voting power, would entitle the acquiring person to
exercise 10% or more, 33 1/3% or more, or a majority of the total
voting power of shares entitled to vote in the election of
directors.
The MCSAA limits the ability of an acquiring person to achieve a
short-term gain at the expense of long-term value for the rest of a
Fund’s stockholders. The MCSAA will only apply to “control shares”
acquired after July 9, 2020, the date that the Funds elected to be
subject to the MCSAA.
The above description of the MCSAA is only a high-level summary
and does not purport to be complete. Investors should refer to the
actual provisions of the MCSAA for more information, including
definitions of key terms, various exclusions from the statute’s
scope, and the procedures by which stockholders may approve the
reinstatement of voting rights to holders of “control shares.”
About PGIM and Prudential Financial,
Inc.
PGIM, the global asset management business of Prudential
Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset
managers in the world1 with more than $1.3 trillion in assets under
management as of March 31, 2020. With offices in 16 countries,
PGIM’s businesses offer a range of investment solutions for retail
and institutional investors around the world across a broad range
of asset classes, including public fixed income, private fixed
income, fundamental equity, quantitative equity, real estate and
alternatives. For more information about PGIM, visit pgim.com.
Prudential’s additional businesses offer a variety of products
and services, including life insurance, annuities and
retirement-related services. For more information about Prudential,
please visit news.prudential.com.
Data and commentary provided in this press release are for
informational purposes only. PGIM Investments LLC, the Investment
Manager of each Fund, and its affiliates do not engage in selling
shares of the Funds.
Each Fund is a diversified, closed-end management investment
company managed by PGIM Investments LLC and subadvised by PGIM
Fixed Income, a business unit of PGIM, Inc., and an affiliate of
the investment manager.
These Funds invest in high yield (“junk”) bonds, which are
subject to greater credit and market risks, including greater risk
of default; derivative securities, which may carry market, credit,
and liquidity risks; foreign securities, which are subject to
currency fluctuation and political uncertainty; and emerging
markets securities, which are subject to greater volatility and
price declines. Fixed income investments are subject to interest
rate risk, where their value will decline as interest rates rise.
There are fees and expenses involved with investing in these Funds.
Diversification does not assure a profit or protect against a loss
in declining markets. There is no guarantee that dividends or
distributions will be paid.
An investment in a closed-end fund’s common stock may be
speculative in that it involves a high degree of risk, should not
constitute a complete investment program, and may result in loss of
principal. Each closed-end fund will have its own unique investment
strategy, risks, charges and expenses that need to be considered
before investing.
This material is being provided for informational or educational
purposes only and does not take into account the investment
objectives or financial situation of any client or prospective
clients. The information is not intended as investment advice and
is not a recommendation about managing or investing your retirement
savings. Clients seeking information regarding their particular
investment needs should contact a financial professional. Please
consult with a qualified investment professional if you wish to
obtain investment advice.
PGIM Fixed Income is a unit of PGIM, Inc., which is a registered
investment advisor and Prudential Financial company. © 2020
Prudential Financial, Inc. and its related entities. PGIM and the
PGIM logo are service marks of Prudential Financial, Inc. and its
related entities, registered in many jurisdictions worldwide.
Investment products are not insured by the FDIC or any federal
government agency, may lose value, and are not a deposit of or
guaranteed by any bank or any bank affiliate.
1Pensions & Investments’ Top Money Managers list, June 1,
2020; based on Prudential Financial total worldwide institutional
assets under management as of March 31, 2020. Assets under
management (AUM) are based on company estimates and are subject to
change.
1037958-00002-00 Expiration July 31, 2021
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version on businesswire.com: https://www.businesswire.com/news/home/20200709005931/en/
Kylie Scott (973)-367-6873 kylie.scott@pgim.com
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