The New America High Income Fund, Inc. Results of 2024 Annual Meeting
The New America High Income Fund (NYSE: HYB) shareholders have approved the reorganization into the T. Rowe Price High Yield Fund. The reorganization is expected to complete after NYSE closing on February 21, 2025. Upon completion, HYB shareholders will receive Investor Class shares of the T. Rowe Price Fund. Trading of HYB shares will be halted before the closing date. Shareholders also approved the election of Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira, and Ellen E. Terry.
Gli azionisti del New America High Income Fund (NYSE: HYB) hanno approvato la riorganizzazione nel T. Rowe Price High Yield Fund. Si prevede che la riorganizzazione sia completata dopo la chiusura della NYSE il 21 febbraio 2025. Al termine, gli azionisti di HYB riceveranno azioni di Classe Investitore del T. Rowe Price Fund. Le trattative delle azioni HYB saranno sospese prima della data di chiusura. Gli azionisti hanno anche approvato l'elezione di Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira ed Ellen E. Terry.
Los accionistas del New America High Income Fund (NYSE: HYB) han aprobado la reorganización en el T. Rowe Price High Yield Fund. Se espera que la reorganización se complete después del cierre de la NYSE el 21 de febrero de 2025. Una vez completada, los accionistas de HYB recibirán acciones de Clase Inversor del T. Rowe Price Fund. La negociación de las acciones de HYB se detendrá antes de la fecha de cierre. Los accionistas también aprobaron la elección de Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira y Ellen E. Terry.
뉴 아메리카 하이 인컴 펀드(New America High Income Fund)(NYSE: HYB)의 주주들은 재편성을 승인했습니다 T. 로우 프라이스 하이 일드 펀드(T. Rowe Price High Yield Fund)로. 재편성은 2025년 2월 21일 NYSE 마감 이후에 완료될 것으로 예상됩니다. 완료되면 HYB 주주들은 T. 로우 프라이스 펀드의 투자자 클래스 주식을 받게 됩니다. HYB 주식의 거래는 마감일 이전에 중단될 것입니다. 주주들은 또한 Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira 및 Ellen E. Terry의 선출을 승인했습니다.
Les actionnaires du New America High Income Fund (NYSE: HYB) ont approuvé la réorganisation en T. Rowe Price High Yield Fund. La réorganisation devrait être finalisée après la clôture de la NYSE le 21 février 2025. Une fois finalisée, les actionnaires de HYB recevront des actions de classe Investisseur du T. Rowe Price Fund. La négociation des actions HYB sera suspendue avant la date de clôture. Les actionnaires ont également approuvé l'élection de Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira et Ellen E. Terry.
Die Aktionäre des New America High Income Fund (NYSE: HYB) haben die Reorganisation genehmigt, die in den T. Rowe Price High Yield Fund überführt wird. Die Reorganisation soll nach dem Börsenschluss der NYSE am 21. Februar 2025 abgeschlossen sein. Nach dem Abschluss erhalten die HYB-Aktionäre Aktien der Investorenklasse des T. Rowe Price Funds. Der Handel mit HYB-Aktien wird vor dem Schlusstag eingestellt. Die Aktionäre haben außerdem die Wahl von Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira und Ellen E. Terry genehmigt.
- Shareholders approved reorganization into T. Rowe Price High Yield Fund, potentially providing access to a larger investment platform
- Trading of HYB shares will be halted prior to reorganization closing
- Fund will cease to exist as an independent entity after reorganization
Insights
The approved reorganization of HYB into T. Rowe Price High Yield Fund represents a significant structural change for shareholders. This transition from a closed-end fund to an open-end mutual fund structure will fundamentally alter how investors can buy and sell their holdings. The move eliminates the closed-end fund's typical discount/premium dynamic and provides daily liquidity at NAV through the T. Rowe Price platform.
The conversion to Investor Class shares of T. Rowe Price's High Yield Fund may impact expense ratios, investment strategy and portfolio management approach. Current HYB shareholders should prepare for the February 2025 transition by understanding these differences and evaluating whether the new structure aligns with their investment goals. The trading halt prior to closing is a standard procedure to ensure orderly conversion of shares.
BOSTON, Nov. 20, 2024 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that shareholders of the Fund have approved a proposal to reorganize the Fund into the T. Rowe Price High Yield Fund (the “T. Rowe Price Fund”), a separate series of the T. Rowe Price High Yield Fund, Inc. (the "Reorganization").
The Reorganization is currently expected to become effective following the close of business of the New York Stock Exchange on Friday, February 21, 2025 (the "Closing Date"), subject to satisfaction of customary closing conditions. Upon the closing of the Reorganization, shareholders of the Fund will become holders of Investor Class shares of the T. Rowe Price Fund. In order to facilitate the Reorganization, trading in shares of the Fund is expected to be halted prior to the Closing Date.
Shareholders of the Fund also approved the election of Joseph L. Bower, Stuart A. McFarland, Marguerite A. Piret, Luis M. Viceira and Ellen E. Terry.
About the Fund
The New America High Income Fund, Inc. is a diversified, closed-end management investment company with a leveraged capital structure. The Fund’s investment adviser is T. Rowe Price Associates, Inc. (“T. Rowe Price”). As of September 30, 2024, T. Rowe Price and its affiliates managed approximately
This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Fund or the T. Rowe Price Fund. Additional information about the Fund and the T. Rowe Price Fund, including performance and portfolio characteristic information, is available at www.newamerica-hyb.com or www.troweprice.com, respectively.
Statements in this press release that are not historical facts may be forward-looking statements, as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that may be beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.
Contact:
Ellen E. Terry, President
Telephone: 617-263-6400
www.newamerica-hyb.co
FAQ
When will the New America High Income Fund (HYB) reorganization into T. Rowe Price High Yield Fund complete?
What will HYB shareholders receive in the T. Rowe Price Fund reorganization?
When will trading of HYB shares be halted?
