CORRECTING and REPLACING Saba Capital Reaches Agreements with Three Western Asset Closed-End Funds
June 22 2020 - 5:50PM
Business Wire
Western Asset Global High Income Fund Inc.,
Western Asset High Income Fund II Inc., and Western Asset High
Income Opportunity Fund Inc. to Commence Tender Offers
Third paragraph, first sentence of release should read: Under
the terms of the agreements, Western Asset Global High Income Fund
Inc., Western Asset High Income Fund II Inc., and Western Asset
High Income Opportunity Fund Inc. will commence cash tender offers
for up to 50%, 35%, and 25%, respectively... (instead of Under the
terms of the agreements, Western Asset Global High Income Fund
Inc., Western Asset High Income Fund II Inc., and Western Asset
High Income Opportunity Fund Inc. will commence cash tender offers
for up to 50%, 35%, and 20%, respectively...).
The corrected release reads:
SABA CAPITAL REACHES AGREEMENTS WITH THREE
WESTERN ASSET CLOSED-END FUNDS
Western Asset Global High Income Fund Inc.,
Western Asset High Income Fund II Inc., and Western Asset High
Income Opportunity Fund Inc. to Commence Tender Offers
Saba Capital Management, L.P. and certain associated parties
(collectively “Saba”) today issued the following statement
regarding agreements with Western Asset Global High Income Fund
Inc. (NYSE: EHI), Western Asset High Income Fund II Inc. (NYSE:
HIX), and Western Asset High Income Opportunity Fund Inc. (NYSE:
HIO) (“Western Asset” or the “Funds”).
“We are pleased to have reached these agreements with the Funds’
Boards, which are the result of ongoing constructive engagement,”
said Paul Kazarian, Portfolio Manager at Saba. “We believe the
agreements will benefit all shareholders by providing them the
opportunity to tender their shares at a price close to the Funds’
respective net asset values.”
Under the terms of the agreements, Western Asset Global High
Income Fund Inc., Western Asset High Income Fund II Inc., and
Western Asset High Income Opportunity Fund Inc. will commence cash
tender offers for up to 50%, 35%, and 25%, respectively, of the
Funds’ outstanding shares of common stock at a price per share
equal to 99.5% of the Funds’ respective net asset values (“NAV”)
per share. The tender offers will not expire prior to November 13,
2020, or such later date as determined by the Funds’ Boards of
Directors. The Funds will repurchase shares tendered and accepted
in the tender offers in exchange for cash. In addition, Saba has
agreed to certain standstill covenants.
ABOUT SABA CAPITAL
Saba Capital Management, L.P. is an Investment Adviser based in
New York. Launched in 2009, Saba currently manages assets across
three core strategies: Credit Relative Value, Tail Hedge, and
Closed-End Funds.
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