Western Asset Variable Rate Strategic Fund Inc. Announces Final Results of Issuer Tender Offer for Common Stock
November 30 2015 - 8:00AM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE:GFY) (the
“Fund”) announced today the final results for its issuer tender
offer for up to 30% of the outstanding common stock (“Shares”) or
2,000,746 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 November 20, 2015. The Fund’s offer expired on Friday, November
20, 2015 at 11:59 p.m., New York City time.
A total of 4,423,133 Shares were duly tendered and not
withdrawn, including Shares tendered pursuant to notices of
guaranteed delivery. 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.
Accordingly, on a pro rata basis, approximately 45.23% of Shares
for each stockholder who properly tendered shares have been
accepted for payment. The Fund transmitted payment to purchase the
duly tendered and accepted shares on November 27, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151130005224/en/
Media:Maria Rosati, (212) 805-6036mrosati@leggmason.com.
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