Highland Opportunities and Income Fund (HFRO) Provides Details on Results of Oversubscribed Tender and Exchange Offer
Highland Opportunities and Income Fund (HFRO) has announced the final results of its oversubscribed tender and exchange offer. The Fund will exchange 10,000,000 Common Shares for newly issued 5.375% Series B Preferred Shares, with an aggregate liquidation preference of approximately $100 million.
Due to high demand, with 21,673,105 Common Shares properly tendered, the exchange will be conducted on a pro rata basis with a proration factor of 46.14096%. Unaccepted shares will be returned to tendering shareholders. The settlement is scheduled for March 13th, 2025.
Highland Opportunities and Income Fund (HFRO) ha annunciato i risultati finali della sua offerta di acquisto e scambio sovrascritta. Il Fondo scambierà 10.000.000 di Azioni Ordinarie per nuove Azioni Preferenziali di Serie B al 5,375%, con una preferenza di liquidazione aggregata di circa 100 milioni di dollari.
A causa dell'alta domanda, con 21.673.105 Azioni Ordinarie correttamente offerte, lo scambio sarà effettuato su base pro rata con un fattore di ripartizione del 46,14096%. Le azioni non accettate saranno restituite agli azionisti offerenti. Il regolamento è previsto per il 13 marzo 2025.
Highland Opportunities and Income Fund (HFRO) ha anunciado los resultados finales de su oferta de compra y canje sobre suscrita. El Fondo intercambiará 10.000.000 de Acciones Comunes por nuevas Acciones Preferentes de Serie B al 5,375%, con una preferencia de liquidación agregada de aproximadamente 100 millones de dólares.
Debido a la alta demanda, con 21.673.105 Acciones Comunes debidamente ofrecidas, el intercambio se llevará a cabo de manera proporcional con un factor de prorrateo del 46,14096%. Las acciones no aceptadas serán devueltas a los accionistas que las ofrecieron. El acuerdo está programado para el 13 de marzo de 2025.
하이랜드 기회 및 소득 펀드 (HFRO)가 초과 청약된 입찰 및 교환 제안의 최종 결과를 발표했습니다. 이 펀드는 10,000,000주를 새로 발행된 5.375% B 시리즈 우선주와 교환하며, 총 청산 우선권은 약 1억 달러에 달합니다.
높은 수요로 인해, 21,673,105주의 일반 주식이 적절하게 입찰되었으며, 교환은 46.14096%의 비율로 진행됩니다. 수용되지 않은 주식은 입찰한 주주에게 반환됩니다. 정산은 2025년 3월 13일로 예정되어 있습니다.
Highland Opportunities and Income Fund (HFRO) a annoncé les résultats finaux de son offre d'achat et d'échange sursouscrite. Le Fonds échangera 10.000.000 d'Actions Ordinaires contre de nouvelles Actions Privilégiées de Série B à 5,375%, avec une préférence de liquidation totale d'environ 100 millions de dollars.
En raison de la forte demande, avec 21.673.105 Actions Ordinaires correctement soumises, l'échange sera effectué sur une base pro rata avec un facteur de prorata de 46,14096%. Les actions non acceptées seront retournées aux actionnaires soumissionnaires. Le règlement est prévu pour le 13 mars 2025.
Highland Opportunities and Income Fund (HFRO) hat die endgültigen Ergebnisse seines überzeichneten Kauf- und Umtauschangebots bekannt gegeben. Der Fonds wird 10.000.000 Stammaktien gegen neu ausgegebene 5,375% Vorzugsaktien der Serie B tauschen, mit einer aggregierten Liquidationspräferenz von etwa 100 Millionen Dollar.
Aufgrund der hohen Nachfrage, mit 21.673.105 Stammaktien, die ordnungsgemäß angeboten wurden, wird der Austausch auf einer pro-rata-Basis mit einem Prorationsfaktor von 46,14096% durchgeführt. Nicht akzeptierte Aktien werden an die anbietenden Aktionäre zurückgegeben. Die Abwicklung ist für den 13. März 2025 geplant.
- Successful oversubscription of exchange offer indicates strong shareholder interest
- New 5.375% Series B Preferred Shares provide fixed income opportunity
- $100 million aggregate liquidation preference adds capital structure flexibility
- High oversubscription means shareholders will receive only 46.14% of tendered shares
- Significant portion of tendered shares will be returned unfulfilled
Based on the final count by Equiniti Trust Company, LLC, the depositary for the Exchange Offer, a total of 21,673,105 shares of HFRO Common Shares were properly tendered and not properly withdrawn. In accordance with the terms and conditions of the Exchange Offer the Fund currently expects to exchange 10,000,000 Common Shares for Preferred Shares with an aggregate liquidation preference of approximately
The proration factor for the Common Shares that HFRO will accept pursuant to the Exchange Offer is 46.14096 percent, and they will be allotted on pro-rata basis, as described in the Offer to Exchange. Any Common Shares that are not accepted for tender will be returned to the common shareholders that tendered them. The anticipated settlement date is March 13th, 2025.
About the Highland Opportunities and Income Fund
The Highland Opportunities and Income Fund (NYSE: HFRO) is a closed-end fund managed by NexPoint Asset Management, L.P. For more information visit nexpointassetmgmt.com/opportunities-income-fund.
About NexPoint Asset Management, L.P.
NexPoint Asset Management, L.P. is an SEC-registered investment adviser. It is the adviser to a suite of registered funds, including open-end mutual funds and closed-end funds. For more information nexpointassetmgmt.com.
Risks and Disclosures
Additional terms and conditions of the Exchange Offer were set forth in the Fund's offering materials, which were filed with the
The Fund has concluded the exchange offer described in this press release. This press release is not a recommendation, an offer to purchase or a solicitation of an offer to sell any securities of HFRO and the above statements are not intended to constitute an offer to participate in any tender or exchange offer. The solicitation and the offer to exchange Common Shares of HFRO was made pursuant to an offer to exchange and related materials that HFRO filed with the SEC and distributed to Fund Shareholders. Investors could obtain free copies of the Exchange Offer Statement and other documents filed with the SEC at the SEC's web site at sec.gov or on the Fund's website at nexpointassetmgmt.com/opportunities-income-fund.
The Fund is relying on Section 3(a)(9) of the Securities Act of 1933 (the "Securities Act") to exempt the Exchange Offer from the registration requirements of the Securities Act. Section 3(a)(9) provides that the registration requirements of the Securities Act will not apply to "any security exchanged by the issuer with its existing security holders exclusively where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange." The Fund has no contract, arrangement or understanding relating to, and will not, directly or indirectly, pay any commission or other remuneration to any broker, dealer, salesperson, agent or any other person for soliciting tenders in the Exchange Offer.
Investors should consider the investment objectives, risks, charges, and expenses of the Highland Opportunities and Income Fund carefully before investing. This and other information can be found in the Fund's annual report, which may be obtained by calling (800) 357-9167 or on the website at nexpointassetmgmt.com. Please read the annual report carefully before you invest. Any distribution paid by the Fund may include a return of capital. Please refer to the 19(a)-1 Source of Distribution Notice on the NexPoint Asset Management website for Section 19 notices that provide estimated amounts and sources of the Fund's distributions, which should not be relied upon for tax reporting purposes.
CONTACTS
Investor Relations
Kristen Griffith
IR@nexpoint.com
Media Relations
Comms@nexpoint.com
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SOURCE Highland Opportunities and Income Fund
FAQ
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