DALLAS, May 30, 2017 /PRNewswire/ -- NexPoint Credit
Strategies Fund (NYSE: NHF) (the "Fund") is pleased to announce the
successful completion of its non-transferable rights offering (the
"Offer"). Total subscriptions were equal to 233% of the primary
offering. James Dondero, NexPoint
President and Portfolio Manager to the Fund, stated, "We are
pleased with the material over subscription and investor support
consistent with top decile performance we have delivered over the
past five years1."
The Offer commenced on May 8, 2017
and expired on May 24, 2017 (the
"Expiration Date"). The Offer entitled rights holders to subscribe
for up to an aggregate of 5,346,306 of the Fund's common shares
(the "Shares"). Pursuant to the Offer, the Fund issued one
non-transferable right (a "Right") for each common share of the
Fund to shareholders of record as of May 5,
2017 ("Record Date Shareholders"). Holders of Rights were
entitled to purchase one newly issued Share for every three Rights
held. The subscription price for each Share issued pursuant to the
Offer was $20.93, which represented
95% of the average of the last reported sales price of the Fund's
common shares on the NYSE on the Expiration Date and on each of the
four trading days preceding the Expiration Date.
Preliminary results indicate that the Fund received total
subscriptions for Shares totaling approximately $269 million (including over-subscription
requests and notices of guaranteed delivery), representing 233% of
the 5,346,306 Shares available to be issued pursuant to the primary
subscription. Over-subscription requests exceeded the
over-subscription shares available and the 1,336,576 additional
Shares available pursuant to the exercise of an over-allotment
option (the "Secondary Subscription Shares"). The over-subscription
shares and Secondary Subscription Shares will be allocated pro-rata
among those Record Date Shareholders who over-subscribed based on
the number of common shares of the Trust owned by such Shareholders
on May 5, 2017, the Record Date.
Confirmation as to the amount of Shares received by each
participating Rights holder will be sent by the Subscription Agent
on or about June 1, 2017.
We thank all of our subscribing shareholders, as well as the
full service brokers and financial advisors, who assisted our
shareholders during the Offer.
About NexPoint Credit Strategies Fund
NexPoint Credit
Strategies Fund is a closed-end fund managed by NexPoint Advisors,
L.P. The Fund's investment objectives are to provide both current
income and capital appreciation. The Fund is invested primarily in
below investment grade debt and equity securities and has the
ability to hedge risk. The Fund's investment adviser attempts to
deliver consistent returns in excess of the Dow Jones Credit Suisse
Hedge Fund and the HFRX Global Hedge Fund indices in a transparent,
registered fund format consistent with monthly dividends. No
assurance can be given that the Fund will achieve its investment
objectives.
Shares of closed-end investment companies frequently trade at a
discount to net asset value. The price of the Fund's shares is
determined by a number of factors, several of which are beyond the
control of the Fund. Therefore, the Fund cannot predict whether its
shares will trade at, below or above net asset value. Past
performance does not guarantee future results.
Investors should consider the investment objectives,
risks, charges and expenses of the NexPoint Credit Strategies Fund
carefully before investing. This and other information can be found
in the Fund's prospectuses, which may be obtained by calling
1-866-351-4440 or
visiting www.nexpointadvisors.com.
Please read the prospectus carefully before you invest.
Total operating expenses as of the most recent fund annual
report are 2.17%. Performance data represents past performance,
which does not guarantee future results. Current performance may be
higher or lower than the figures shown. Investment return and
principal value will fluctuate with market conditions, and you may
have a gain or loss when you sell your
shares. For most recent month-end performance
please
visit www.nexpointadvisors.com or
call 866-351-4440.
As of May 26, 2017, the NexPoint
Credit Strategies Fund had a price return of 20.69%, 4.03%, 18.79%
and 4.44% over the last 1 year, 3 year, 5 year and 10 year periods.
The NexPoint Credit Strategies Fund's percentile ranking based on
price return for the 1-year period was 29th percentile
among 8 funds in the Morningstar Tactical Allocation category. The
Fund's percentile ranking based on price return for the 5-year
period was 1st percentile among 7 funds in the
Morningstar Tactical Allocation category. The Fund's percentile
ranking based on price return for the 10-year period was
67th percentile among 7 funds in the Morningstar
Tactical Allocation category.
1)
|
Over the five years
ending May 26, 2017, the Fund's price return was in the top
percentile of the Morningstar Closed End Fund Tactical Allocation
Category, and was in the top decile out of all closed end funds
over the same period. Source: Morningstar
|
MEDIA CONTACT:
Lucy Bannon
lbannon@highlandcapital.com
+1 972-419-6272
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SOURCE NexPoint Credit Strategies Fund