AllianzGI Convertible & Income Fund & AllianzGI Convertible & Income Fund II Announce Extension of Tender Offers for Outstand...
July 27 2018 - 7:41PM
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 the
extension of each Fund’s voluntary tender offer for its outstanding
auction rate preferred shares (“ARPS”) (each, a “Tender Offer” and,
together, the “Tender Offers”). Each Tender Offer was originally
scheduled to expire at 5:00 pm New York City time on July 27, 2018.
Each Tender Offer is now scheduled to expire on Tuesday, July 31,
2018, at 5:00 pm New York City time, unless subject to further
extension.
As previously announced in a press release issued on June 27,
2018, the Funds conducted Tender Offers for up to 100% of each
Fund’s outstanding 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. The Tender Offers commenced on June 28,
2018.
As of the close of business on July 26, 2018, American Stock
Transfer & Trust Company, LLC (“AST”), the depositary for the
Tender Offers, has advised that the ARPS tendered were as
follows:
Fund Name Ticker Symbol
Preferred Shares # of ARPS Tendered AllianzGI
Convertible & Income Fund NCV ARPS
4,584 AllianzGI Convertible & Income Fund II
NCZ ARPS 3,760
These figures do not include shares tendered through notice of
guaranteed delivery. The Funds are expected to announce the final
results of the Tender Offers on or about August 1, 2018. The
payment of the Tender Offer proceeds will be made as soon as
practicable following expiration.
The Funds are negotiating alternative financing to fund the
purchase of tendered shares and replace the leverage associated
with the ARPS that are tendered.
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 were mailed or
distributed electronically to ARPS holders on July 3, 2018. These
and other filed documents are 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
AST’s affiliate, AST Funds Solutions, LLC, serves as information
agent with respect to the Tender Offers. ARPS holders may obtain
further information regarding the Tender Offers from the
information agent 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/20180727005615/en/
For further information:Financial
Advisors:800-926-4456orARPS
Holders:877-361-7967orMedia Relations:Robin Pertusi,
212-739-3172Robin.Pertusi@allianzgi.com
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