Western Asset Inflation-Linked Income Fund Announces Plan for Tender Offer
November 24 2020 - 8:00AM
Business Wire
Western Asset Inflation-Linked Income Fund (NYSE: WIA) announced
today that the Fund’s Board of Trustees has authorized (subject to
certain conditions) a cash tender offer for up to 20% of the Fund’s
outstanding common shares (the “Shares”) at a price per Share equal
to 99% of the Fund’s net asset value per Share as of the business
day immediately following the expiration date of the tender offer.
The commencement of the tender offer will be announced at a later
date. The Fund will repurchase Shares tendered and accepted in the
tender offer in exchange for cash. In the event the tender offer is
oversubscribed, Shares will be repurchased on a pro rata basis.
The commencement of the tender offer is pursuant to an agreement
(the “Standstill Agreement”) between the Fund and Karpus Investment
Management (“Karpus”). During the effective period of the
Standstill Agreement, Karpus has agreed to (1) be bound by the
terms of the Standstill Agreement, including certain standstill
covenants, and (2) vote its Shares on proposals submitted to
shareholders in accordance with the recommendation of the Fund’s
Board of Trustees (subject to certain limited exclusions). The Fund
has been advised that Karpus will file a copy of the Standstill
Agreement with the U.S. Securities and Exchange Commission (“SEC”)
as an exhibit to its Schedule 13D.
The Fund has not commenced the tender offer described in this
release. This announcement is not a recommendation, an offer to
purchase or a solicitation of an offer to sell shares of the Fund
and the above statements are not intended to constitute an offer to
participate in any tender offer. Information about the tender
offer, including its commencement, will be provided by future
public announcements. Shareholders will be notified in accordance
with the requirements of the Securities Exchange Act of 1934, as
amended, and the Investment Company Act of 1940, as amended, either
by publication or mailing or both. The tender offer will be made
only by an offer to purchase, a related letter of transmittal, and
other documents to be filed with the SEC. Shareholders of the Fund
should read the offer to purchase and tender offer statement and
related exhibits when those documents are filed and become
available, as they will contain important information about the
tender offer. These and other filed documents will be available to
investors for free both at the website of the SEC and from the
Fund. There can be no assurance that any Share repurchases will
reduce or eliminate the discount of the Fund’s market price per
Share to the Fund’s net asset value per Share.
Western Asset Inflation-Linked Income Fund, a diversified,
closed-end management investment company, is administered by Legg
Mason Partners Fund Advisor, LLC (“LMPFA”), is advised by Western
Asset Management Company, LLC (“Western Asset”) and is subadvised
by Western Asset Management Company Limited (“Western London”),
Western Asset Management Company Ltd (“Western Japan”) and Western
Asset Management Company Pte. Ltd. (“Western Asset Singapore”).
Each of LMPFA, Western Asset, Western London, Western Japan and
Western Singapore is an indirect, wholly-owned subsidiary of
Franklin Resources, Inc.
This press release may contain statements regarding plans and
expectations for the future that constitute forward-looking
statements within the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on the Fund’s
current plans and expectations, and are subject to risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Additional
information concerning such risks and uncertainties are contained
in the Fund’s filings with the SEC.
For more information about the Fund, please call Investor
Relations: 1-888-777-0102, or consult the Fund’s web site at
www.lmcef.com. The information contained on the Fund’s web site is
not part of this press release. Hard copies of the Fund’s complete
audited financial statements are available free of charge upon
request.
Category: Fund Announcement
Source: Franklin Templeton
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version on businesswire.com: https://www.businesswire.com/news/home/20201124005493/en/
Media Contact: Fund Investor Services-1-888-777-0102
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