FLC Announces Partial Redemption of Preferred Shares
March 27 2009 - 3:27PM
Business Wire
The Board of Directors of Flaherty & Crumrine/Claymore Total
Return Fund Incorporated (NYSE:FLC) has announced that the Fund
will optionally redeem approximately 27% of its outstanding auction
preferred stock (�APS�) at a redemption price equal to the
liquidation preference of $25,000 per share, plus the amount of
accumulated but unpaid dividends, for consideration of
approximately $10.5 million. Including this redemption, the Fund
will have redeemed approximately 77% of its APS originally
outstanding, and its leverage now includes a combination of APS and
bank borrowing.
Subject to satisfying the notice and other requirements that
apply to APS redemptions, shares of the Fund�s T7 series of APS are
expected to be redeemed on April 15, 2009 and shares of the Fund�s
W28 series are expected to be redeemed on April 16, 2009.
The Fund intends that the redemption of the following amounts of
APS will be implemented on a pro rata basis by series:
FLC:
� � � �
No.
of Shares
� �
No.
of Shares
� �
Aggregate Amount
Series
CUSIP
Outstanding
Redeemed
Redeemed
T7 338479207 790 210 $5,250,000 W28 338479306 790 210 $5,250,000
Depository Trust Company (DTC), the holder of record, determines
how a partial series redemption will be allocated among each
participant broker-dealer account. Each participant broker-dealer,
as nominee for underlying beneficial owners (street name
shareholders), in turn determines how redeemed shares are allocated
among its underlying beneficial owners. The procedures used by
different broker-dealers to allocate redeemed shares among
beneficial owners may differ from each other as well as from the
procedures used by DTC.
FLC was organized in 2003 as a closed-end, diversified
investment company. FLC invests primarily in preferred and other
income-producing securities with a primary investment objective of
high current income and a secondary objective of capital
appreciation. FLC is managed by Flaherty & Crumrine
Incorporated, an independent investment adviser which was founded
in 1983 to specialize in the management of portfolios of preferred
and related securities.
Website: www.fcclaymore.com
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