Western Asset High Income Opportunity Fund Inc. Announces Completion of Merger and Share Conversion Price
29 Agosto 2016 - 2:00PM
Business Wire
Western Asset High Income Opportunity Fund Inc. (NYSE:HIO)
announced today the completion of the merger of Western Asset
Managed High Income Fund Inc. (previously NYSE:MHY) with and into
Western Asset High Income Opportunity Fund Inc. Effective
immediately, MHY stockholders became HIO stockholders.
Each MHY share converted into an equivalent dollar amount (to
the nearest $0.001) of full shares of HIO. The conversion price was
based on each Fund’s net asset value (NAV) per share calculated at
the close of business on Friday, August 26, 2016.
NAV, as of 8/26/16 market close
HIO $5.52
MHY $5.33
The conversion ratio was calculated at 0.964839 common shares of
HIO for each MHY common share. HIO did not issue any fractional
shares to MHY stockholders. In lieu thereof, HIO purchased all
fractional shares at the current NAV and remitted the cash proceeds
to former MHY stockholders in proportion to their fractional
shares.
HIO’s post-merger net assets totaled $713,775,892 and its NAV
per common share was $5.52 based on approximately 129,232,295
shares outstanding, as of the close of business on August 26,
2016.
Western Asset High Income Opportunity Fund Inc. Inc. (HIO) is a
closed-end, diversified management investment company. Legg Mason
Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg
Mason, Inc., serves as the Fund’s investment manager and Western
Asset Management Company, an affiliate of the investment manager,
serves as the Fund’s sub-adviser.
Contact the Fund at 1-888-777-0102 for additional information,
or consult the Fund’s web site at www.lmcef.com. Hard copies of each Fund’s complete
audited financial statements are available free of charge upon
request.
All data and commentary provided within this press release is
for informational purposes only. Legg Mason, Inc. and its
affiliates do not engage in the sale of shares of the Fund. The
Fund’s shares are traded on the New York Stock Exchange.
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Legg Mason, Inc.Maria Rosati, 212-805-6036mrosati@leggmason.com
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