BNY Mellon High Yield Strategies Fund Announces Change in Leverage Providers

Rhea-AI Summary

BNY Mellon High Yield Strategies Fund (NYSE: DHF) has secured a new credit facility of up to $125 million with BNP Paribas Prime Brokerage International Limited. This facility replaces the previous one and is secured by the Fund's investments. Borrowings will incur an interest rate of 1-month LIBOR + 90 basis points. The credit facility features evergreen terms and can be terminated with standard notice. Investors can find further details in upcoming shareholder reports.

Positive

• Secured a new credit facility of up to $125 million.
• Interest rate set at 1-month LIBOR + 90 basis points.
• Facility is evergreen and secured by the Fund's investments.

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• None.

NEW YORK--(BUSINESS WIRE)--BNY Mellon High Yield Strategies Fund (NYSE: DHF) (the “Fund”) today announced entry into a new credit facility of up to $125 million with BNP Paribas Prime Brokerage International Limited. The new credit facility replaces the credit facility with the Fund's previous credit facility provider.

The credit facility is evergreen, subject to standard notice and termination provisions, and is secured by the Fund’s investments. Borrowings under the new credit facility are at an interest rate of 1-month LIBOR + 90 basis points. Additional information about the Fund and its use of leverage can be found in the Fund's annual and semi-annual shareholder reports, which are available on the Fund's website at https://im.bnymellon.com/us/en/products/closed-end-funds.jsp. Information about the new credit facility will be available in the Fund's next semi-annual shareholder report.

Forward Looking Statements

This press release may contain forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including, but not limited to, market developments, legal and regulatory developments and other additional risks and uncertainties. The Fund and its investment adviser undertake no responsibility to update or revise any forward-looking statements.

Important Information

BNY Mellon Investment Adviser, Inc., the investment adviser for the Fund, is part of BNY Mellon Investment Management. BNY Mellon Investment Management is one of the world’s leading investment management organizations and one of the top U.S. wealth managers, with US $2.0 trillion in assets under management as of September 30, 2020. BNY Mellon Investment Management encompasses BNY Mellon’s affiliated investment management firms, wealth management organization and global distribution companies. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from eight world-class investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of The Bank of New York Mellon Corporation (NYSE: BK), one of the world’s most trusted investment partners, which has US $38.6 trillion in assets under custody and/or administration as of September 30, 2020.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Additional information on BNY Mellon Investment Management is available on www.im.bnymellon.com. BNY Mellon Investment Management’s 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.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment returns and principal value 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 (NAV) 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.