AllianzGI Convertible & Income Fund & AllianzGI Convertible & Income Fund II Commence Tender Offers for Outstanding Auction R...
June 27 2018 - 5:18PM
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 (each, a
“Tender Offer” and, together, the “Tender Offers”) for up to 100%
of its outstanding auction rate preferred shares (“ARPS”), at a
price equal to 94% of the ARPS’ per share 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. 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 Tender Offers will commence on June 28, 2018, and will
expire at 5:00 p.m. New York City time on July 27, 2018, unless
otherwise extended. It is expected that the payment of the tender
offer proceeds will be made as soon as practicable after the July
27, 2018 expiration date of the Tender Offers, or such later date
to which the Tender Offers may be extended.
The Funds previously announced their intention to commence the
Tender Offers in a press release dated June 20, 2018.
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 have filed 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 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, as they 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 will also be available to
ARPS holders free of charge on the SEC’s website at
http://www.sec.gov and the Funds’ website at
https://us.allianzgi.com/closedendfunds on June 28, 2018. American
Stock Transfer & Trust Company, LLC serves as the Funds'
depositary agent and its affiliate, AST Funds Solutions, LLC serves
as information agent (together, “AST”) with respect to the Tender
Offers. ARPS holders may obtain further information regarding the
Tender Offers from AST by calling (877) 361-7967.
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/20180627006309/en/
For further information:Financial
Advisors:800-926-4456orARPS
Holders:877-361-7967orMedia Relations:Megan Frank,
212-739-3501Megan.Frank@allianzgi.com
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