Western Asset High Income Fund II Inc. (NYSE: HIX) (CUSIP: 95766J 110) (“HIX” or the “Fund”) today announced the completion of its transferable rights offering (the “Offer”). The Offering expired at 5:00 p.m. Eastern Time on May 6, 2022 (the “Expiration Date”) and the Rights are no longer trading on the New York Stock Exchange (“NYSE”).
Pursuant to the Offer, the Fund has issued one transferable right (a “Right”) for each common share of the Fund held by shareholders of record (“Record Date Shareholders”) as of April 8, 2022. Rights had the right to purchase common shares by tendering three Rights and the subscription price per share for each share purchased. The subscription price per share is $5.17, which is equivalent to 90% of the Fund’s net asset value per common share at the close of trading on the NYSE on May 6, 2022.
The offering is expected to result in the issuance of over 6.0 million common shares (including notices of guaranteed delivery), which will result in anticipated gross proceeds to the Fund of over $31.0 million . The subscribed common shares are expected to be issued on or about May 13, 2022, following completion of the allotment of any excess shares and receipt of all shareholder payments. The Fund will return to subscribing investors the full amount of any excess payment.
The information contained in this document is not complete and is subject to change. This document does not constitute an offer to sell or a solicitation of an offer to buy securities of the Fund in any jurisdiction where the offer or sale is not authorized. This document is not an offer, which can only be made by a prospectus supplement and the accompanying prospectus. Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. The base prospectus contains this information and additional information about the Fund, and the prospectus supplement contains this information and additional information about the Offering, and should be read carefully before investing. Shares of closed-end investment companies, such as the Fund, frequently trade at a price below their net asset value. The market price of the shares of the Fund is determined by a number of factors, many of which are beyond the control of the Fund. Accordingly, the Fund cannot predict whether its shares will trade at, below or above their net asset value.
Inquiries regarding the Offer should be directed to the Information Agent, Georgeson LLC, at 866-856-2826.
A copy of the Fund’s current report to shareholders may be requested by contacting 1-888-777-0102 or by visiting www.franklintempleton.com%2Finvestments%2Foptions%2Fclosed-end-funds. All investments involve risk, including possible loss of capital. The Fund is actively managed, but there can be no assurance that Western Asset’s investment decisions will produce the desired results. For discussions of portfolio management, including information on the Fund’s investment strategies, please see the most recent annual or semi-annual report to shareholders, available at franklintempleton.com or sec.gov.
About Western Asset
Western Asset is one of the world’s leading fixed income managers with 50 years of experience and $449.2 billion in assets under management (AUM) as of March 31, 2022. With a focus on A long-term fundamental value investment that employs a top-down and bottom-up approach, the firm has nine offices around the world and deep experience across all fixed income industries. Founded in 1971, Western Asset has been recognized for delivering superior levels of client service alongside its approach emphasizing team management and intensive proprietary research, backed by strong risk management. To learn more about Western Asset, please visit www.westernasset.com.
Western Asset is a specialty investment manager independent of Franklin Templeton.
About Franklin Templeton
Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in more than 155 countries. Franklin Templeton’s mission is to help clients achieve better results through expertise in investment management, wealth management and technology solutions. Through its specialist investment managers, the firm brings extensive capabilities across fixed income, equities, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based firm has 75 years of investment experience and approximately $1.5 trillion in assets under management as of March 31, 2022. For more information, please visit www.franklintempleton.com.
Category: Fund Announcement
Source: Franklin Resources, Inc.
Source: Legg Mason Closed-End Fund
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