BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. Declares Monthly Distribution and Announces Reduction in Monthly Distribution Amount
May 11 2023 - 5:23PM
Business Wire
BNY Mellon Alcentra Global Credit Income 2024 Target Term
Fund, Inc. (NYSE: DCF) today announced a monthly cash
distribution of $0.035 per share of common stock, payable on June
26, 2023, to shareholders of record at the close of business on
June 9, 2023. The ex-dividend date is June 8, 2023. The previous
distribution declared in April was $0.050 per share of common
stock.
By reducing the Fund's monthly distribution amount, the Fund is
attempting to strike a balance between its investment objectives of
seeking to provide high current income and of returning at least
the Original NAV (as defined below) on or about December 1, 2024
(the "Termination Date").1 The Fund currently intends to set aside
and retain in its net assets a portion of its net investment
income, and possibly all or a portion of its capital gains. This
will reduce the amounts otherwise available for distribution prior
to the Termination Date, and the Fund may incur taxes on such
retained amount. Such retained income or capital gains, net of any
taxes, will constitute a portion of the liquidating distribution
returned to holders of Common Shares on or about the Termination
Date.
As portfolio and market conditions may change, the distribution
rate, the composition of distributions and the Fund's policy to
declare distributions monthly may be subject to change, including
by the Fund's Board of Directors.
Important Information
BNY Mellon Investment Adviser, Inc., the investment adviser for
the Fund, is part of BNY Mellon Investment Management. BNY Mellon
Investment Management is one of the world's largest asset managers,
with $1.9 trillion in assets under management as of March 31, 2023.
Through an investor-first approach, BNY Mellon Investment
Management brings to clients the best of both worlds: specialist
expertise from seven investment firms offering solutions across
every major asset class, backed by the strength, stability, and
global presence of BNY Mellon. Additional information on BNY Mellon
Investment Management is available on www.bnymellonim.com.
BNY Mellon Investment Management is a division of BNY Mellon,
which has $46.6 trillion in assets under custody and/or
administration as of March 31, 2023. BNY Mellon can act as a single
point of contact for clients looking to create, trade, hold,
manage, service, distribute or restructure investments. BNY Mellon
is the corporate brand of The Bank of New York Mellon Corporation
(NYSE: BK). Additional information is available on
www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our
newsroom at www.bnymellon.com/newsroom for the latest company
news.
Closed-end funds are traded on the secondary market through one
of the stock exchanges. The Fund's investment returns and principal
values will fluctuate so that an investor’s shares may be worth
more or less than the original cost. Shares of closed-end funds may
trade above (a premium) or below (a discount) the net asset value
of the Fund’s portfolio. There is no assurance that the Fund will
achieve its investment objectives.
This release is for informational purposes only and should not
be considered as investment advice or a recommendation of any
particular security.
____________________________ 1 The Fund's investment objectives
are to seek high current income and to return at least $9.835 per
Common Share (the initial public offering price per Common Share
(as defined below) after deducting a sales load of $0.165 per
Common Share but before deducting offering costs of $0.02 per
Common Share ('Original NAV')) to holders of record of shares of
the Fund’s common stock ("Common Shares") on the Termination Date
(subject to certain extensions). The objective to return at
least the Original NAV is not an express or implied guarantee
obligation of the Fund, BNY Mellon Investment Adviser, Inc.,
Alcentra NY LLC or any other entity, and an investor may receive
less than the Original NAV upon termination of the Fund. There is
no assurance the Fund will achieve either of its investment
objectives and achieving its investment objectives will depend on a
number of factors, including market conditions and the success of
various portfolio strategies and cash flow management techniques.
Based on market conditions as of the date of this press release,
management anticipates that the likelihood of the Fund achieving
its objective of returning its Original NAV upon termination of the
Fund has decreased substantially since the Fund's
inception.
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version on businesswire.com: https://www.businesswire.com/news/home/20230511005940/en/
For Press Inquiries: BNY Mellon Investment Adviser, Inc.
Courtney Woolston (212) 635-6027 For Other Inquiries: BNY Mellon
Securities Corporation The National Marketing Desk 240 Greenwich
Street New York, New York 10286 1-800-334-6899
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