Certain PIMCO Closed-End Funds Announce Tender Offers for Auction Rate Preferred Shares
August 14 2023 - 7:43PM
PIMCO Corporate & Income Opportunity Fund (NYSE: PTY), PIMCO
Corporate & Income Strategy Fund (NYSE: PCN), PIMCO High Income
Fund (NYSE: PHK), PIMCO Income Strategy Fund (NYSE: PFL), PIMCO
Income Strategy Fund II (NYSE: PFN), PIMCO California Municipal
Income Fund (NYSE: PCQ), PIMCO California Municipal Income Fund II
(NYSE: PCK), PIMCO California Municipal Income Fund III (NYSE:
PZC), PIMCO Municipal Income Fund (NYSE: PMF), PIMCO Municipal
Income Fund II (NYSE: PML), PIMCO Municipal Income Fund III (NYSE:
PMX), PIMCO New York Municipal Income Fund (NYSE: PNF), PIMCO New
York Municipal Income Fund II (NYSE: PNI) and PIMCO New York
Municipal Income Fund III (NYSE: PYN) (each, a “Fund” and,
together, the “Funds”) today announced that each Fund has commenced
a voluntary tender offer (each, a “Tender Offer” and, together, the
“Tender Offers”) for up to 100% of its outstanding auction rate
preferred shares (“ARPS”) at a price equal to 96%, with respect to
PTY, 93.25%, with respect to PCN and PHK, 94.25%, with respect to
PFL and PFN, and 94.5% with respect to PCQ, PCK, PZC, PMF, PML,
PMX, PNF, PNI and PYN, of the ARPS’ per share liquidation
preference of $25,000 per share (or $24,000 per share for PTY,
$23,312.50 per share for PCN and PHK, $23,562.50 per share of PFL
and PFN, and $23,625 per share for PCQ, PCK, PZC, PMF, PML, PMX,
PNF, PNI, and PYN) and any unpaid dividends accrued through the
expiration date of the Tender Offer. Each Fund's Tender Offer will
expire at 5:00 P.M., New York City Time, on September 18, 2023,
unless the Tender Offer is extended.
This announcement is not a recommendation, an
offer to purchase or a solicitation of an offer to sell ARPS of the
Funds. The Funds have filed with the Securities and Exchange
Commission a tender offer statement on Schedule TO and related
exhibits, including an offer to purchase, a related letter of
transmittal and other related documents (the “Tender Offer
Documents”). Each Fund’s Tender Offer is conditioned on certain
conditions as set forth in the Tender Offer Documents. The Tender
Offer Documents will be sent electronically to holders of the ARPS.
ARPS holders of a Fund may obtain additional copies of the Tender
Offer Documents for such Fund, without charge, by contacting the
Information Agent for the Tender Offers, Equiniti Fund Solutions,
Inc., at (877) 478-5044. ARPS holders can also obtain the Tender
Offer Documents free of charge on the Securities and Exchange
Commission’s website at www.sec.gov. ARPS holders should read these
documents and related exhibits for the applicable Fund as the
documents contain important information about each Fund’s Tender
Offer.
Any questions regarding the Tender Offers can be
directed to the Funds’ Information Agent, Equiniti Fund Solutions,
Inc., at (877) 478-5044. Each Fund’s daily New York Stock Exchange
closing market price for its common shares, net asset value per
common share, as well as other information, including updated
portfolio statistics and performance, are available
at www.pimco.com/closedendfunds.
Each Fund may determine to replace all or a
portion of the leverage currently obtained through tendered ARPS
with other forms of leverage in accordance with the Fund’s
investment policies and related public disclosures. There is no
guarantee that a Fund will be able to replace all or a portion of
the leverage currently obtained through tendered ARPS with leverage
at comparable costs and other terms, or will elect to do so, and
any replacement leverage may be at a higher interest rate and/or
may result in higher costs to the Fund’s common shareholders.
The information on or accessible through
www.pimco.com/closedendfunds is not incorporated by reference
herein.
About PIMCO
PIMCO was founded in 1971 in Newport Beach,
California and is one of the world’s premier fixed income
investment managers. Today we have offices across the globe and
3,000+ professionals united by a single purpose: creating
opportunities for investors in every environment. PIMCO is owned by
Allianz S.E., a leading global diversified financial services
provider.
Except for the historical information and
discussions contained herein, statements contained in this news
release constitute forward-looking statements. These statements may
involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially, including the
performance of financial markets, the investment performance of
PIMCO's sponsored investment products and separately managed
accounts, general economic conditions, future acquisitions,
competitive conditions and government regulations, including
changes in tax laws. Readers should carefully consider such
factors. Further, such forward-looking statements speak only on the
date at which such statements are made. PIMCO undertakes no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statement.
This material has been distributed for
informational purposes only and should not be considered as
investment advice or a recommendation of any particular security,
strategy or investment product. Neither the Funds, nor the Funds’
Boards of Trustees, nor PIMCO, makes any recommendation as to
whether to tender or not to tender any ARPS in the Tender Offers.
No part of this material may be reproduced in any form, or referred
to in any other publication, without express written permission.
PIMCO is a trademark of Allianz Asset Management of America LLC. in
the United States and throughout the world. PIMCO Investments LLC,
1633 Broadway, New York, NY 10019, is a company of PIMCO. ©2023,
PIMCO
For information on the Tender Offers:Financial Advisors: (800)
628-1237Shareholders: (844) 337-4626 or (844) 33-PIMCOPIMCO Media
Relations: (212) 597-1054
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