PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Income Strategy Fund, PIMCO Income S...
18 June 2019 - 6:35AM
PIMCO Corporate & Income Opportunity Fund (NYSE: PTY),
PIMCO Corporate & Income Strategy Fund (NYSE: PCN), PIMCO
Income Strategy Fund (NYSE: PFL), PIMCO Income Strategy Fund II
(NYSE: PFN) and PIMCO High Income Fund (NYSE: PHK) (each,
a “Fund” and, together, the “Funds”) today announced that the Board
of Trustees of each Fund has authorized each Fund to conduct 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 87%, with respect to
PCN, PFL and PFN, 88%, with respect to PHK, and 93%, with respect
to PTY, of the ARPS’ per share liquidation preference of $25,000
per share (or $21,750 per share for PCN, PFL and PFN, $22,000 per
share for PHK and $23,250 per share for PTY) and any unpaid
dividends accrued through the expiration date of the Tender
Offer. Each Tender Offer will commence on or about June 25,
2019.
Each Fund’s Tender Offer will be conditioned on
certain conditions as will be set forth in each Fund’s offer to
purchase and related letter of transmittal when they are filed and
become available.
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 not yet commenced the Tender Offers described
in this press release. Upon commencement of the Tender
Offers, the Funds will file 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”). The Tender Offer Documents, when available, will be
sent electronically to holders of the ARPS. ARPS holders can also
obtain the Tender Offer Documents free of charge when they are
filed and become available 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 when they
are filed and become available as the documents will contain
important information about each Fund’s Tender Offer.
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. The information on or
accessible through www.pimco.com/closedendfunds is not incorporated
by reference herein.
About PIMCO
PIMCO is one of the world’s premier fixed income
investment managers. With our launch in 1971 in Newport Beach,
California, PIMCO introduced investors to a total return approach
to fixed income investing. In the 45+ years since, we have
continued to bring innovation and expertise to our partnership with
clients seeking the best investment solutions. Today we have
offices across the globe and 2,150+ 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 statements.
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 L.P. in the United States and throughout the
world. ©2019, PIMCO
For information on the Tender Offers:Financial
Advisors: (800) 628-1237 Shareholders: (844) 337-4626 or (844)
33-PIMCOPIMCO Media Relations: (212) 597-1054
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