Western Asset High Income Fund II Inc. Announces Final Results of Transferable Rights Offering

Rhea-AI Summary

Western Asset High Income Fund II Inc. (NYSE: HIX) announced the final results of its transferable rights offering, which expired on May 6, 2022. The final subscription price per share was $5.17, representing 90% of the Fund's net asset value. The offering will issue 6,001,836 shares and generate approximately $31 million in gross proceeds. Shares are expected to be issued on May 13, 2022. Investors should review the Fund's prospectus for investment risks and objectives.

Positive

• Generated approximately $31 million in gross proceeds from the offering.
• Issued 6,001,836 shares at $5.17, which is 90% of net asset value.

Negative

• None.

 

NEW YORK--(BUSINESS WIRE)-- Western Asset High Income Fund II Inc. (NYSE: HIX) (CUSIP: 95766J 110) (“HIX” or the “Fund”) announced the final results of its transferable rights offering (the “Offer”). The Offer expired at 5:00 PM Eastern Time on May 6, 2022 (the “Expiration Date”) and the Rights no longer trade on the New York Stock Exchange (“NYSE”).

The final subscription price per share was $5.17, which was equal to 90% of the Fund’s net asset value per share of common stock at the close of trading on the NYSE on May 6, 2022. The Offer will result in the issuance of 6,001,836 shares of common stock. The gross proceeds of the Offer are expected to be approximately $31 million. The shares of common stock subscribed for are expected to be issued on or about May 13, 2022. The Fund will return to subscribing investors the full amount of any excess payments.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Fund’s securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus supplement and accompanying prospectus. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The base prospectus contains this and additional information about the Fund, and the prospectus supplement contains this and additional information about the Offer, and should be read carefully before investing. Shares of closed-end investment companies, such as the Fund, frequently trade at a discount from their net asset value. The market price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below, or above their net asset value.

Inquiries regarding the Offer should be directed to the Information Agent, Georgeson LLC, at 866-856-2826.

A copy of the Fund’s current report to stockholders may be requested by contacting 1-888-777-0102 or by visiting www.franklintempleton.com/investments/options/closed-end-funds. All investments involve risks, including possible loss of principal. The Fund is actively managed, but there is no guarantee that Western Asset’s investment decisions will produce the desired results. For portfolio management discussions, including information regarding the Fund’s investment strategies, please view the most recent Annual or Semi-Annual Report to Stockholders which can be found at franklintempleton.com or sec.gov.

About Western Asset

Western Asset is one of the world’s leading fixed-income managers with 50 years of experience and $449.2 billion in assets under management (AUM) as of March 31, 2022. With a focus on long-term fundamental value investing that employs a top-down and bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed income sectors. Founded in 1971, Western Asset has been recognized for delivering superior levels of client service alongside its approach emphasizing team management and intensive proprietary research, supported by robust risk management. To learn more about Western Asset, please visit www.westernasset.com.

Western Asset is an independent specialist investment manager of Franklin Templeton.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.5 trillion in assets under management as of March 31, 2022. For more information, please visit www.franklintempleton.com.

Category: Fund Announcement

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

View source version on businesswire.com: https://www.businesswire.com/news/home/20220513005171/en/

Media Contact: Fund Investor Services-1-888-777-0102

 

Source: Franklin Resources, Inc. and Legg Mason Closed End Funds

FAQ

What is the final subscription price for HIX in the recent rights offering?

The final subscription price was $5.17 per share.

How many shares will be issued from the HIX rights offering?

The offering will issue 6,001,836 shares.

What are the gross proceeds expected from HIX's rights offering?

The gross proceeds are expected to be approximately $31 million.

When will the shares from the HIX offering be issued?

The shares are expected to be issued on May 13, 2022.

When did the rights offering for HIX expire?

The rights offering expired at 5:00 PM Eastern Time on May 6, 2022.