Templeton Global Income Fund Announces Commencement of Tender Offer for its Common Shares

Rhea-AI Summary

Templeton Global Income Fund announces tender offer for common shares

Positive

• The Fund will purchase up to 45% of its outstanding common shares at a price equal to 99% of the Fund's NAV per share
• The tender offer aims to provide enhanced liquidity to shareholders and potentially narrow the NAV discount at which the Fund's shares trade

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• None.

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- Templeton Global Income Fund (NYSE: GIM) (the “Fund”), today announced the commencement of a tender offer for its outstanding common shares.

The Fund will purchase for cash up to 45% of its outstanding common shares, no par value, at a price equal to 99% of the Fund’s NAV per share as determined as of the close of the regular trading session of the New York Stock Exchange (“NYSE”) on the day the tender offer expires. The tender offer will expire on November 9, 2023 at 5:00 p.m. Eastern time, unless otherwise extended.

In unanimously approving the tender offer, the Board of Trustees of the Fund considered that a self-tender offer would provide enhanced liquidity to the shareholders ahead of the Fund’s potential investment adviser transition from Franklin Advisers, Inc. to Saba Capital Management, L.P. (which is subject to approval by shareholders); provide potential accretion to the Fund’s NAV per share; and seek to help narrow the NAV discount at which the Fund’s shares trade.

The terms and conditions of the tender offer are set forth in the Fund’s tender offer statement on Schedule TO, including the offer to purchase and related Letter of Transmittal, that was filed today with the Securities and Exchange Commission (the “SEC”).

Important Notice

This press release is for informational purposes only and shall not constitute a recommendation or an offer or a solicitation to buy any common shares. The offer to purchase common shares is being made pursuant to an offer on Schedule TO. COMMON SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS, INCLUDING THE OFFER TO PURCHASE AND ANY SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE TENDER OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Common shareholders may obtain a free copy of any of these statements and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the Fund.

For more information, please contact Campaign Management LLC, Information Agent for the tender offer, at 1-855-434-5243.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231009096766/en/

Longacre Square Partners

Greg Marose / Kate Sylvester, 646-386-0091

gmarose@longacresquare.com / ksylvester@Longacresquare.com

Source: Templeton Global Income Fund

FAQ

What is the tender offer for?

The tender offer is for Templeton Global Income Fund's outstanding common shares.

What is the purchase price for the shares?

The Fund will purchase the shares at a price equal to 99% of the Fund's NAV per share.

When does the tender offer expire?

The tender offer expires on November 9, 2023 at 5:00 p.m. Eastern time.

What are the reasons behind the tender offer?

The tender offer aims to provide enhanced liquidity to shareholders, potentially accretion to the Fund's NAV per share, and narrow the NAV discount at which the Fund's shares trade.

Who is the Fund's potential investment adviser transition?

The Fund's potential investment adviser transition is from Franklin Advisers, Inc. to Saba Capital Management, L.P.

Where can I find more information about the tender offer?

Common shareholders can obtain more information about the tender offer and related documents from the SEC's website or by contacting the Fund.