An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Angel Oak Financial Strategies Income Term Trust Announces Preliminary Results of Rights Offering
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) has announced the preliminary results of its transferable rights offering, which ran from September 20, 2021 to October 14, 2021. The offering allowed rights holders to subscribe for up to 5,076,333 common shares at a final subscription price of $16.06 per share, reflecting a strong investor demand that led to the offering being over-subscribed. The total gross proceeds are expected to be approximately $81.6 million. Portfolio Manager Johannes Palsson expressed satisfaction with the results, highlighting growth opportunities in the non-bank financial sector.
Positive
The rights offering was over-subscribed, indicating strong investor demand.
The total gross proceeds from the offering are expected to be approximately $81.6 million.
Issuing new capital allows for expansion into non-bank financials, potentially enhancing returns.
Negative
None.
ATLANTA--(BUSINESS WIRE)--
Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) (the Fund) today announced the preliminary results of its transferable rights offering (the Offer). The Offer commenced on September 20, 2021 and expired on October 14, 2021 (the Expiration Date).
The Offer entitled rights holders to subscribe for up to an aggregate of 5,076,333 of the Fund’s common shares of beneficial interest, par value $0.001 per share (Common Shares). The final subscription price of $16.06 per Common Share was determined based upon a formula equal to 86% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on the Expiration Date. As a result of high investor demand, the Offer was over-subscribed. The over-subscription requests exceeded the over-subscription shares available. Accordingly, the shares subscribed for pursuant to the over-subscription privilege of the Offer will be allocated pro rata among those fully exercising record date shareholders who over-subscribed based on the number of rights originally issued to them by the Fund. The Common Shares subscribed for will be issued after completion of the pro rata allocation of over-subscription shares and receipt of all shareholder payments.
The Fund will issue all of the 5,076,333 Common Shares offered pursuant to the Offer. The gross proceeds of the Offer are expected to be approximately $81.6 million.
“We are very pleased with the results of the FINS rights offering,” said Johannes Palsson, Portfolio Manager for the Fund. “We continue to see significant opportunities across the non-bank financials landscape, and efficiently raising new capital to further allocate to non-bank financials allows us to expand the portfolio’s investment opportunities as we seek to deliver compelling risk-adjusted returns for our investors,” said Palsson.
ABOUT FINS
Led by Angel Oak’s experienced financial services team, FINS invests predominantly in U.S. financial sector debt as well as in selective opportunities across financial sector preferred and common equity. Under normal circumstances, at least 50% of FINS’s portfolio is publicly rated as investment grade or, if unrated, is judged by Angel Oak to be of investment grade quality.
ABOUT ANGEL OAK CAPITAL ADVISORS, LLC
Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed-income investment solutions to its clients. Backed by a value-driven approach, Angel Oak Capital Advisors seeks to deliver attractive, risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment team seeks the best opportunities in fixed income, with a specialization in mortgage-backed securities and other areas of structured credit.
Information regarding the Fund and Angel Oak Capital Advisors can be found at www.angeloakcapital.com.
Past performance is neither indicative nor a guarantee of future results. Investors should read the prospectus supplement and accompanying prospectus and consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing.
Media:
Trevor Davis, Gregory FCA for Angel Oak Capital Advisors 443-248-0359
trevor@gregoryfca.com
Company Contact:
Randy Chrisman, Chief Marketing & Corporate IR Officer, Angel Oak Capital Advisors 404-953-4969
randy.chrisman@angeloakcapital.com
Source: Angel Oak Financial Strategies Income Term Trust
FAQ
What were the results of the FINS rights offering?
The FINS rights offering was over-subscribed, allowing for the issuance of 5,076,333 common shares at a final subscription price of $16.06 per share.
When did the FINS rights offering take place?
The FINS rights offering commenced on September 20, 2021, and expired on October 14, 2021.
How much gross proceeds did the FINS rights offering generate?
The gross proceeds from the FINS rights offering are expected to be approximately $81.6 million.
What advantages does the Fund see in raising new capital?
Raising new capital allows the Fund to expand investment opportunities in the non-bank financial sector and seek compelling risk-adjusted returns for investors.
