First Trust/Four Corners Senior Floating Rate Income Fund Announces Commencement of Tender Offer for Its Outstanding Money Ma...
16 June 2009 - 11:17PM
Business Wire
First Trust/Four Corners Senior Floating Rate Income Fund (NYSE
Amex: FCM) (the �Fund�), a closed-end fund managed by First Trust
Advisors L.P. (�FTA�), announced today that it has commenced an
offer to purchase for cash up to 100% of its outstanding Money
Market Cumulative Preferred Shares (�MMP Shares�) at a price equal
to 95% of the liquidation preference of $25,000 per share ($23,750
per share). The offer commenced today, June 16, 2009, and will
expire at 5:00 P.M., Eastern time, July 14, 2009, or such later
date to which the offer is extended.
The Fund additionally announced today that it has entered into
an agreement with Karpus Management, Inc., d/b/a Karpus Investment
Management (�KIM�), pursuant to which the Fund and KIM agreed that
if the Fund commenced the tender offer as described above prior to
the commencement of the Fund�s 2009 Annual Meeting of Shareholders,
KIM would tender all MMP Shares owned or controlled by KIM pursuant
to the tender offer. In addition, KIM agreed to withdraw its
previous nomination of two individuals to serve as Trustees of the
Fund at the time of the completion of the payment for MMP Shares
pursuant to the tender offer. The parties also agreed to certain
mutual releases.
Additional terms and conditions of the tender offer are set
forth in the Fund�s tender offer materials, which will be
distributed to holders of MMP Shares. The Altman Group, Inc. will
serve as information agent for the tender offer.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of the Fund. The
tender offer is being made only by an offer to purchase, a related
letter of transmittal and other documents, which have been filed
with the Securities and Exchange Commission as exhibits to a tender
offer statement on Schedule TO and are available free of charge at
http://www.sec.gov and from the information agent by calling (212)
400-2605. Holders of the MMP Shares should read the relevant offer
to purchase and tender offer statement on Schedule TO and related
exhibits as they contain important information about the tender
offer.
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