Calamos Investments Completes Closed-End Fund Offering: Calamos Global Total Return Fund Begins Trading on NYSE Under Ticker CGO
October 27 2005 - 7:00PM
PR Newswire (US)
NAPERVILLE, Ill., Oct. 27 /PRNewswire-FirstCall/ -- Calamos
Investments' fourth closed-end fund, the Calamos Global Total
Return Fund, today begins trading on the New York Stock Exchange
under the ticker CGO. CGO raised $120 million in assets (8,000,000
shares) at its initial public offering price of $15.00. If the
underwriters exercise their over-allotment option, the Fund's total
common share assets raised could reach approximately $135 million.
Calamos Global Total Return Fund's investment objective is to
provide total return through a combination of capital appreciation
and current income by investing in equities, convertible securities
and fixed income securities (including high-yield bonds) from
worldwide issuers. It plans to pay a dividend starting in January
2006, and will seek to institute a level-rate distribution policy
designed to provide stable monthly distributions. "We are pleased
to offer CGO at this point in time, as we anticipate an exciting
period of global growth and expanding opportunities," said John P.
Calamos, Sr., Chairman, CEO and Co-CIO of Calamos Investments. "As
with our other closed-end fund offerings, our aim with CGO will be
to provide shareholders with stable monthly distributions while
remaining focused on long term total return." Citigroup Global
Markets Inc. served as bookrunner of the Fund's offering. UBS
Securities LLC; Advest, Inc.; Robert W. Baird & Co.
Incorporated; H&R Block Financial Advisors, Inc.; Ferris, Baker
Watts, Incorporated; Janney Montgomery Scott LLC; Legg Mason Wood
Walker, Incorporated; RBC Capital Markets Corporation; and Stifel,
Nicolaus & Company, Incorporated also acted as managers of the
Fund's offering. Calamos Investments manages three other closed-end
funds: Calamos Convertible Opportunities and Income Fund (CHI),
Calamos Convertible and High Income Fund (CHY), and Calamos
Strategic Total Return Fund (CSQ). About CALAMOS CALAMOS
INVESTMENTS provides professional money management services to
major corporations, public and private institutions, pension funds,
insurance companies and individuals and is an investment advisor to
open-end and closed-end funds. With roots dating to 1977, we offer
equity, high yield, global/international, convertible growth,
convertible and alternative investment strategies. A Word About
Risk Equity Securities: Under normal circumstances, the Fund will
invest a portion of its managed assets in equity securities, which
are subject to greater fluctuation in market value than other asset
classes as a result of such factors as a company's business
performance, investor perceptions, stock market trends and general
economic conditions. Equity securities are subordinated to bonds
and other debt instruments in a company's capital structure in
terms of priority to corporate income and liquidation payments.
High Yield Securities: The Fund may invest a portion of its managed
assets in high yield securities. Investment in high yield
securities involves substantial risk of loss. Below investment
grade debt securities or comparable unrated securities are commonly
referred to as "junk bonds" and are considered predominantly
speculative with respect to the issuer's ability to pay interest
and principal and are susceptible to default or decline in market
value due to adverse economic and business developments.
Investments in distressed securities involve additional risks.
Calamos' judgment about the attractiveness, relative value or
potential appreciation of a particular sector, security or
investment strategy may prove to be incorrect. Convertible
Securities: Under normal circumstances the Fund will invest a
portion of its managed assets in convertible securities.
Convertible securities generally offer lower interest or dividend
yields than non-convertible securities of similar quality.
Synthetic Convertible Instruments: The value of a synthetic
convertible instrument may respond differently to market
fluctuations than a convertible security because a synthetic
convertible instrument is comprised of two or more separate
securities, each with its own market value. In addition, if the
value of the underlying common stock or the level of the index
involved in the convertible component falls below the exercise
price of the warrant or option, the warrant or option may lose all
value. International Securities: The Fund may invest in foreign
securities and invests in an array of security types and market-cap
sizes, each of which has a unique risk profile. As a result of
political or economic instability in foreign countries, there can
be special risks associated with investing in foreign securities.
These include fluctuations in currency exchange rates, increased
price volatility, and difficulty obtaining information. Shares of
closed-end funds frequently trade at a market price that is below
their net asset value. DATASOURCE: CALAMOS INVESTMENTS CONTACT:
Jeff Kelley of CALAMOS INVESTMENTS, +1-630-577-9687, Web site:
http://www.calamos.com/
Copyright