BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. Announces Details of Liquidation

Rhea-AI Summary

BNY Alcentra Global Credit Income 2024 Target Term Fund (NYSE: DCF) has announced details of its upcoming liquidation, scheduled for November 25, 2024. The Fund's trading on NYSE will continue through November 20, 2024, and suspend before market open on November 21, 2024. While the Fund's original objective was to return $9.835 per share (the original NAV) to shareholders upon termination, management indicates this target will likely not be met under current market conditions. The Fund will deviate from its stated investment strategy as it prepares for liquidation. BNY Investments, managing $2.1 trillion in assets, oversees the Fund through BNY Investment Adviser.

NEW YORK--(BUSINESS WIRE)-- BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE: DCF) (the “Fund”) announced today additional details concerning the liquidation of the Fund. In accordance with its investment objectives and organizational documents, the Fund plans to terminate and liquidate on or about November 25, 2024 (the “Termination Date”). As the Fund prepares for its liquidation on the Termination Date, the Fund will deviate from its stated investment strategy and policies. The Fund’s investment objective is to seek a high current income and to return $9.835 per share (the original net asset value (“NAV”) per Common Share before deducting offering costs of $0.02 per share) (“Original NAV”) to common shareholders on the Termination Date. As previously disclosed, based on current market conditions, management anticipates that the Fund’s objective of returning the Original NAV to common shareholders on or about the Termination Date will not be met. The objective to return the Fund’s Original NAV is not an express or implied guarantee obligation of the Fund and is dependent on a number of factors.

The Fund’s common shares will continue trading on the New York Stock Exchange through November 20, 2024 and will be suspended from trading before the open of trading on November 21, 2024. The Fund anticipates making its final liquidating distribution on or about the Termination Date. Shareholders may recognize a gain or loss for U.S. tax purposes as a result of the liquidation of the Fund. BNY Investments does not provide tax advice; shareholders should consult a professional tax advisor regarding their specific tax situation.

Important Information

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 $2.1 trillion in assets under management as of September 30, 2024. Through a client-first approach, BNY Investments brings investors specialist expertise through its seven investment firms offering solutions across every major asset class and backed by the breadth and scale of BNY. Additional information on BNY Investments is available on www.bny.com/investments. Follow us on LinkedIn for the latest company news and activity.

BNY Investments is a division of BNY, which has $52.1 trillion in assets under custody and/or administration as of September 30, 2024. Established in 1784, BNY is America's oldest bank. Today, BNY powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bny.com. Follow us on LinkedIn or visit our newsroom for the latest company news.

Closed-end funds are traded on the secondary market through one of the stock exchanges. 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. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective.

This release is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112634421/en/

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

New York, New York 10286

1-800-334-6899

Source: BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.

FAQ

When will BNY Alcentra Global Credit Income Fund (DCF) be liquidated?

The Fund (DCF) will be liquidated on or about November 25, 2024, with its final trading day on NYSE being November 20, 2024.

Will DCF shareholders receive the original NAV of $9.835 per share at liquidation?

No, management has indicated that based on current market conditions, the Fund's objective of returning the original NAV of $9.835 per share will not be met.

When will DCF stop trading on the NYSE?

DCF will continue trading on the NYSE through November 20, 2024, and will be suspended from trading before the market opens on November 21, 2024.

What happens to DCF shareholders after the liquidation?

Shareholders will receive a final liquidating distribution on or about November 25, 2024, and may recognize a gain or loss for U.S. tax purposes as a result of the liquidation.