Pacholder High Yield Fund, Inc. Announces Final Results of Tender Offer for its Auction Rate Cumulative Preferred Stock, Seri...
April 14 2016 - 6:12PM
Business Wire
Pacholder High Yield Fund, Inc. (NYSE MKT: PHF) (the “Fund”)
announced today the expiration and final results for its issuer
tender offer (the “Tender Offer”) for up to 100% of the outstanding
shares of the Fund’s Auction Rate Cumulative Preferred Stock,
Series W (the “Preferred Shares”) at a price equal to 95.5% of the
liquidation preference of $25,000 (or $23,875 per share), plus any
unpaid accrued dividends through the expiration date of the Tender
Offer, less any applicable withholding taxes and without interest.
The Fund’s Tender Offer expired on April 13, 2016 at 5:00 p.m. New
York City time (the “Expiration Time”).
As of the Expiration Time, the Fund has accepted for payment an
aggregate of 1,690 Preferred Shares resulting in an aggregate cost
of $40,348,750 and not including fees and expenses. The aggregate
number of Preferred Shares to be purchased in the Tender Offer
represent approximately 98% of the Fund's outstanding Preferred
Shares as of the Expiration Time. The Preferred Shares of the Fund
that were not tendered remain outstanding. Payment for the
Preferred Shares is expected to be made promptly by
Computershare Trust Company, N.A., the depositary for the
Tender Offer.
The information agent for the Tender Offer is Georgeson, Inc.
The depositary is Computershare Trust Company, N.A. For
questions and information regarding the Tender Offer, please call
the Information Agent toll free at (800) 457-0759.
This press release is for informational purposes only and is
not an offer to sell or purchase or the solicitation of an offer to
sell or purchase any securities discussed herein. The Tender Offer
has been made solely pursuant to an offer to purchase, as amended,
and the related letter of transmittal, which set forth the complete
terms of the Tender Offer. The Tender Offer has not been made in
any jurisdiction in which the making or acceptance thereof would
not be in compliance with the securities, “blue sky” or other laws
of such jurisdiction.
Forward-Looking Statements
This news release includes forward-looking statements. All
statements, other than statements of historical facts, included in
this news release that address activities, events, or developments
that the Fund expects, believes, or anticipates will or may occur
in the future are forward-looking statements. Terminology such as
“will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,”
“intend,” “estimate,” “believe,” “target,” “continue,” “potential,”
the negative of such terms, or other comparable terminology often
identify forward-looking statements. Except as required by law, the
Fund undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances
occurring after this news release. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. All forward-looking
statements are qualified in their entirety by these cautionary
statements. These forward-looking statements involve risks and
uncertainties, many of which are beyond the control of the Fund,
which may cause the Fund’s actual results to differ materially from
those implied or expressed by the forward-looking statements.
About Pacholder High Yield Fund, Inc.
Pacholder High Yield Fund, Inc. is a closed-end management
investment company with a leveraged capital structure. The Fund’s
investment objective is to provide a high level of total return
through current income and capital appreciation by investing
primarily in “high yield, high risk” fixed income securities of
domestic companies. The Fund’s investment advisor is J.P. Morgan
Investment Management Inc., an investment management firm
registered with the SEC under the Investment Advisers Act of
1940.
The Fund was organized as a corporation under the laws of
Maryland on August 17, 1988 and has registered with the SEC under
the Investment Company Act of 1940, as amended. The Fund’s
principal office is located at 270 Park Avenue, New York, New York
10017. For more information visit us at www.pacholder.com, or call
1-877-217-9502.
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version on businesswire.com: http://www.businesswire.com/news/home/20160414006725/en/
Pacholder High Yield Fund, Inc.1-877-217-9502
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