BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. Announces Final Results of Quarterly Tender Offer
BNY Alcentra Global Multi-Strategy Credit Fund announced the final results of its oversubscribed quarterly tender offer for up to 2.5% of its outstanding shares. Out of 388,049 shares tendered, the Fund will purchase 44,234 shares at $93.70 per share, with a pro-ration factor of 0.102095000. The Fund also announced tentative dates for 2025 tender offers, with the first quarter offer planned for January 17 - February 14, and second quarter offer for April 17 - May 15, subject to Board approval. The Fund intends to conduct quarterly tender offers for up to 2.5% of outstanding shares, though this is not guaranteed.
Il BNY Alcentra Global Multi-Strategy Credit Fund ha annunciato i risultati finali della sua offerta di acquisto trimestrale, che ha ricevuto una richiesta superiore all'ammontare previsto, per un massimo del 2,5% delle sue azioni in circolazione. Su 388.049 azioni presentate, il Fondo acquisterà 44.234 azioni a 93,70 $ per azione, con un fattore di pro-rata pari a 0,102095000. Il Fondo ha anche annunciato delle date provvisorie per le offerte di acquisto del 2025, con la prima offerta del primo trimestre prevista dal 17 gennaio al 14 febbraio e la seconda offerta del secondo trimestre dal 17 aprile al 15 maggio, soggetta all'approvazione del Consiglio. Il Fondo intende effettuare offerte di acquisto trimestrali per un massimo del 2,5% delle azioni in circolazione, sebbene ciò non sia garantito.
El BNY Alcentra Global Multi-Strategy Credit Fund ha anunciado los resultados finales de su oferta de recompra trimestral, que estuvo sobredemandada, por hasta el 2.5% de sus acciones en circulación. De 388,049 acciones ofertadas, el Fondo comprará 44,234 acciones a $93.70 por acción, con un factor de prorrateo de 0.102095000. El Fondo también ha anunciado fechas tentativas para las ofertas de recompra en 2025, siendo la primera del primer trimestre planificada para el 17 de enero - 14 de febrero y la segunda del segundo trimestre para el 17 de abril - 15 de mayo, sujeto a la aprobación de la Junta. El Fondo tiene la intención de llevar a cabo ofertas de recompra trimestrales por hasta el 2.5% de las acciones en circulación, aunque esto no está garantizado.
BNY 알센트라 글로벌 다중 전략 크레딧 펀드는 자사 주식의 최대 2.5%를 위한 과도한 수요의 분기별 청구권 행사 결과를 발표했습니다. 388,049주가 제안된 가운데, 펀드는 44,234주를 $93.70의 가격으로 구매하며, 비율 요소는 0.102095000입니다. 펀드는 2025년 청구권 행사에 대한 잠정적인 날짜도 발표했으며, 첫 분기 행사는 1월 17일부터 2월 14일, 두 번째 분기 행사는 4월 17일부터 5월 15일로 예정되어 있으며, 이 모든 것은 이사회 승인을 받는 조건입니다. 펀드는 최대 2.5%의 주식에 대해 분기별 청구권 행사를 실시할 계획이지만, 이는 보장되지 않습니다.
Le BNY Alcentra Global Multi-Strategy Credit Fund a annoncé les résultats finaux de son offre de rachat trimestrielle, qui a été sursouscrite, pour un maximum de 2,5 % de ses actions en circulation. Parmi les 388,049 actions présentées, le Fonds achètera 44,234 actions au prix de 93,70 $ par action, avec un facteur de prorata de 0,102095000. Le Fonds a également annoncé des dates provisoires pour les offres de rachat de 2025, avec la première offre du premier trimestre prévue du 17 janvier au 14 février, et la seconde offre du deuxième trimestre prévue du 17 avril au 15 mai, sous réserve de l'approbation du conseil. Le Fonds a l'intention de procéder à des offres de rachat trimestrielles pour un maximum de 2,5 % des actions en circulation, bien que cela ne soit pas garanti.
Der BNY Alcentra Global Multi-Strategy Credit Fund hat die endgültigen Ergebnisse seines überzeichneten vierteljährlichen Rückkaufangebots für bis zu 2,5 % seiner ausstehenden Aktien bekannt gegeben. Von 388.049 eingereichten Aktien wird der Fonds 44.234 Aktien zu 93,70 $ pro Aktie kaufen, mit einem Quotientenfaktor von 0,102095000. Der Fonds gab auch vorläufige Daten für Rückkaufangebote 2025 bekannt, wobei das Angebot für das erste Quartal vom 17. Januar bis 14. Februar und das Angebot für das zweite Quartal vom 17. April bis 15. Mai geplant ist, vorbehaltlich der Genehmigung durch den Vorstand. Der Fonds beabsichtigt, vierteljährliche Rückkaufangebote für bis zu 2,5 % der ausstehenden Aktien durchzuführen, obwohl dies nicht garantiert ist.
- Fund maintains quarterly tender offer program providing liquidity opportunities for shareholders
- Strong shareholder interest demonstrated by oversubscribed tender offer
- Purchase price represents 100% of NAV, avoiding discount to market value
- Only 11.4% of tendered shares accepted due to oversubscription
- liquidity with maximum 2.5% shares repurchase per quarter
- No guarantee of future tender offers despite stated intention
Insights
The tender offer results reveal modest shareholder participation with
While the Fund maintains a structured quarterly tender offer program, the discretionary nature and potential for oversubscription create uncertainty for shareholders seeking exits. The tender mechanism primarily serves as a liquidity window rather than a significant value creation tool for long-term investors.
The Tender Offer, which expired at 5:00 p.m. Eastern time on November 13, 2024, was oversubscribed.
Therefore, in accordance with the terms and conditions of the Tender Offer, the Fund will purchase Shares from all tendering shareholders on a pro rata basis, after disregarding fractions and after accepting all shares for repurchase from shareholders who own less than 100 shares and who tendered all of their shares, based on the number of Shares properly tendered ("Pro-Ration Factor"). The final results of the Tender Offer are provided in the table below.
Number of Shares Tendered |
Number of Tendered Shares to Be Purchased |
Pro-Ration Factor |
Purchase Price* |
388,049 |
44,234 |
0.102095000 |
|
*Purchase Price is equal to
If you have questions about the Tender Offer and hold Shares through a broker or other nominee holder, you can call your broker or other nominee holder directly. You may also call Georgeson LLC ("Georgeson"), the Fund's Tender Offer information agent, toll free at (877) 278-9670, with any questions.
The terms and conditions of the Tender Offer were set forth in the Fund's Offer to Purchase, the related Letter of Transmittal and other related documents. The Fund filed with the Securities and Exchange Commission (the "SEC") 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 "Offer Documents"). Shareholders may obtain copies of the Offer Documents, without charge, by contacting Georgeson toll free at (877) 278-9670. Shareholders can also obtain the Offer Documents free of charge on the SEC's website at www.sec.gov.
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The Fund also announced the tentative dates for the Fund’s tender offers in 2025, subject to approval of the Fund’s Board of Directors (the "Board"). The tentative dates are as follows:
|
1st Quarter Tender Offer |
2nd Quarter Tender Offer |
Commencement Date |
January 17, 2025 |
April 17, 2025 |
Expiration Date and Time |
February 14, 2025 at 5:00 p.m. Eastern Time, unless otherwise extended |
May 15, 2025 at 5:00 p.m. Eastern Time, unless otherwise extended |
Price |
Net asset value per share determined as of December 31, 2024 |
Net asset value per share determined as of March 31, 2025 |
These tentative dates are still subject to Board approval and should not be relied on. There can be no assurance that the Board will proceed with any tender offer and the terms of any future tender offer, including the applicable dates associated with those tender offers, are subject to change.
The Fund intends, but is not obligated, to conduct quarterly tender offers for up to
While the Fund intends to conduct quarterly tender offers as described in the Fund's initial public offering prospectus, the Fund is not required to do so and may amend, suspend or terminate any such tender offer program at any time. Holders of Shares ("Shareholders") have no right to require the Fund to redeem their Shares. Quarterly tender offers may be delayed or discontinued at any time. It is also possible that if a tender offer is conducted, it may be oversubscribed, with the result that Shareholders may only be able to have a portion of their Shares repurchased. There is no assurance that a Shareholder will be able to tender their Shares when or in the amount that they desire.
This announcement is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell Shares. The Offer Documents in connection with the Fund's tender offers in 2025 (if such tender offers are approved by the Board) will be distributed to Fund shareholders, when available, without charge, from Georgeson. Shareholders will also be able to obtain the Offer Documents, when available, free of charge on the SEC's website at www.sec.gov. Shareholders should read these documents and related exhibits carefully as the documents contain important information about the tender offers.
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BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. is a diversified, closed-end management investment company. BNY Mellon Investment Adviser, Inc., the investment adviser for the Fund, is part of BNY Investments. BNY Investments is one of the world’s largest asset managers, with
BNY Investments is a division of BNY, which has
BNY Investments' website is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate the website in this release.
The Fund's investment returns and principal values will fluctuate so that an investor's shares may be worth more or less than the original cost. There is no assurance that the Fund will achieve its investment objective.
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For Press Inquiries:
BNY Mellon Investment Adviser, Inc.
Jessica Greaney
jessica.greaney@bny.com
Taylor Ventrice
taylor.ventrice@bny.com
For Other Inquiries:
BNY Mellon Securities Corporation
The National Marketing Desk
240 Greenwich Street
1-800-334-6899
Source: BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc.
FAQ
What was the purchase price per share in BNY Alcentra's Q4 2024 tender offer (BK)?
How many shares were tendered vs purchased in BNY's Q4 2024 tender offer?
When is BNY's next tender offer scheduled for 2025?
