Western Asset Variable Rate Strategic Fund Inc. Announces Preliminary Results of Issuer Tender Offer for Common Stock
November 23 2015 - 8:00AM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE:GFY) (the
“Fund”) announced today the expiration and preliminary results for
its issuer tender offer for up to 30% of the outstanding common
stock (“Shares”) of the Fund at a price equal to 98% of the net
asset value per Share of the Fund’s Shares as determined as of the
close of the regular trading session of the New York Stock Exchange
on the date the tender offer expired. The Fund’s offer expired on
Friday, November 20, 2015 at 11:59 p.m., New York City time.
Based on current information, approximately 4,469,460 Shares
were duly tendered and not withdrawn, including Shares tendered
pursuant to notices of guaranteed delivery. This number is subject
to adjustment and should not be considered as final. Because the
number of Shares tendered exceeds 2,000,746 Shares, the tender
offer has been oversubscribed. Therefore, in accordance with the
terms and conditions specified in the tender offer, the Fund will
purchase Shares from all tendering stockholders on a pro rata
basis, disregarding fractions. Payment for such Shares will be made
on or about November 25, 2015. The purchase price of properly
tendered Shares is $17.13 per Share, equal to 98% of the per Share
net asset value of $17.48 as of the close of the regular trading
session of the New York Stock Exchange on November 20, 2015. Shares
that were not tendered will remain outstanding.
Any questions about the tender offer can be directed to AST Fund
Solutions LLC, the information agent for the tender offer, at (866)
416-0553.
Western Asset Variable Rate Strategic Fund Inc., a
non-diversified closed-end management investment company traded on
the New York Stock Exchange under the symbol “GFY,” is advised by
Legg Mason Partners Fund Advisor, LLC, a wholly-owned subsidiary of
Legg Mason, Inc., and is sub-advised by Western Asset Management
Company, Western Asset Management Company Limited and Western Asset
Management Company Pte. Ltd., all wholly-owned subsidiaries of Legg
Mason, Inc. Additional information regarding the matters addressed
in the press release may be announced subsequently via press
release, which can be accessed at www.lmcef.com. Hard copies of the
Fund’s complete audited financial statements are available free of
charge upon request. Data and commentary provided in this press
release are for informational purposes only. Legg Mason and its
affiliates do not engage in selling Shares of the Fund.
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. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE
FORWARD-LOOKING AND CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS
“MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,”
“CONTINUE” OR OTHER SIMILAR WORDS. 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
SECURITIES AND EXCHANGE COMMISSION.
For more information, please call 1-888-777-0102 or consult the
Fund’s web site at www.lmcef.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151123005274/en/
For Western Asset Variable Rate Strategic Fund Inc.Maria Rosati,
212-805-6036mrosati@leggmason.com.
Western Asset Variable R... (NYSE:GFY)
Historical Stock Chart
From Jul 2024 to Aug 2024
Western Asset Variable R... (NYSE:GFY)
Historical Stock Chart
From Aug 2023 to Aug 2024