AllianzGI Convertible & Income Fund & AllianzGI Convertible & Income Fund II Announce Tender Offers for Outstanding Auction R...
June 20 2018 - 3:58PM
Business Wire
Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), the
investment manager of AllianzGI Convertible & Income Fund
(NYSE: NCV) and AllianzGI Convertible & Income Fund II (NYSE:
NCZ) (each, a “Fund” and, together, the “Funds”), announced today
that each Fund will commence a voluntary tender offer on or about
June 28, 2018 (each, a “Tender Offer” and, together, the “Tender
Offers”) for up to 100% of its outstanding auction rate preferred
shares (“ARPS”). The Tender Offers will expire at 5:00 p.m. New
York City time on or about July 27, 2018, unless otherwise
extended. The Funds expect to seek alternative financing to fund
the purchase of tendered shares and replace the leverage associated
with the ARPS that are tendered.
The terms of the Tender Offers for each Fund include the
purchase, for cash, of up to 100% of the respective Fund’s issued
and outstanding ARPS, at a price equal to 94% of the ARPS’
liquidation preference of $25,000 per share (or $23,500 per share),
plus any unpaid dividends accrued through the expiration date of
each Tender Offer, or such later date to which such Tender Offer
may be extended.
This announcement is not a recommendation, an offer to purchase,
or a solicitation of an offer to sell the ARPS of the Funds. The
Funds will file with the Securities and Exchange Commission (“SEC”)
a tender offer statement on Schedule TO and related exhibits,
including an offer to purchase, a related letter of transmittal and
other related documents (the “Tender Offer Documents”). The Tender
Offer Documents will contain additional details about the Tender
Offers. ARPS holders should read the offers to purchase and tender
offer statements on Schedule TO, together with the related
exhibits, when those documents are filed and become available, as
they will contain important information about the Tender Offers.
The Tender Offer Documents will be mailed or distributed
electronically to ARPS holders on or about June 28, 2018. These and
other filed documents also will be available to ARPS holders free
of charge on the SEC’s website at www.sec.gov and the Funds’ website at
https://us.allianzgi.com/closedendfunds.
About Allianz Global Investors
Allianz Global Investors is a leading active asset manager with
over 700 investment professionals* in 25 offices worldwide and
managing more than $630 billion in assets for individuals, families
and institutions.
Active is the most important word in our vocabulary. Active is
how we create and share value with clients. We believe in solving,
not selling, and in adding value beyond pure economic gain. We
invest for the long term, employing our innovative investment
expertise and global resources. Our goal is to ensure a superior
experience for our clients, wherever they are based and whatever
their investment needs.
Active is: Allianz Global Investors
Data as of March 31, 2018 (*as of December 31, 2017).
Disclosures
AllianzGI U.S., an indirect, wholly-owned subsidiary of Allianz
Asset Management of America L.P. serves as the Funds’ investment
manager and is a member of Munich-based Allianz Group.
Each Fund’s daily New York Stock Exchange closing market price
for its common shares, net asset value per common share, as well as
other information, including portfolio statistics and performance
are available at https://us.allianzgi.com/closedendfunds or by
calling the Funds’ shareholder servicing agent at (800)
254-5197.
Statements made in this release that look forward in time
involve risks and uncertainties and are forward looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such risks and uncertainties include, without limitation,
the adverse effect from a decline in the securities markets or a
decline in a Fund’s performance, a general downturn in the economy,
competition from other companies, changes in government policy or
regulation, inability to attract or retain key employees, inability
to implement its operating strategy and/or acquisition strategy,
and unforeseen costs and effects related to legal proceedings or
investigations of governmental and self-regulatory
organizations.
This material has been distributed for informational purposes
only and should not be considered as investment advice or a
recommendation of any particular security, strategy or investment
product.
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version on businesswire.com: https://www.businesswire.com/news/home/20180620006239/en/
For further information:Financial
Advisors:800-926-4456orMedia Relations:Allianz Global
Investors U.S. LLCMegan Frank,
212-739-3501Megan.Frank@allianzgi.com
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