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Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) has announced a significant proposal approved by its Board of Directors. The proposal aims to convert the Fund from its scheduled termination on September 30, 2025, into a perpetual fund, subject to stockholder approval.
The proposal includes a tender offer for 100% of the Fund's outstanding shares at net asset value. If post-tender offer assets remain at $75 million or greater, the Fund will eliminate its term and be renamed to 'Western Asset High Yield Opportunity Fund Inc.' If assets fall below $75 million, the tender offer will be cancelled, and the Fund will proceed with its scheduled termination.
If the term elimination is approved, the Fund will continue trading on NYSE under its current ticker and implement a 20-basis point fee waiver for one year. The tender offer is expected to occur during the third quarter of 2025.
Western Asset High Yield Defined Opportunity Fund (NYSE: HYI) has reported its financial position as of August 31, 2024. The Fund's total net assets reached $277,245,875, with a NAV per share of $12.23 and a market price of $12.11. The Fund showed improvement in its discount to NAV, narrowing to -0.98% from -5.06% in the previous quarter.
For the quarter, the Fund recorded total net investment income of $6,010,096 ($0.27 per share) and total net realized/unrealized gain of $4,494,057 ($0.20 per share), resulting in a net increase in assets from operations of $10,504,153 ($0.47 per share). The Fund maintained 22,660,581 outstanding shares throughout the period.
Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) announced the results of its annual meeting of stockholders held on October 18, 2024. Carol L. Colman, Daniel P. Cronin, and Paolo M. Cucchi were elected as Class I Directors to serve until the 2027 annual meeting. Stockholders also ratified PricewaterhouseCoopers LLP as the Fund's independent registered public accountants for the fiscal year ending May 31, 2025.
The Fund is a non-diversified closed-end management investment company managed by Franklin Templeton Fund Adviser, and subadvised by Western Asset Management Company, and its foreign-based affiliates. Both management companies are indirect wholly-owned subsidiaries of Franklin Resources Inc., operating as Franklin Templeton.
Western Asset High Yield Defined Opportunity Fund Inc. (HYI) disclosed its financial position as of February 29, 2024, revealing total net assets of $280.8 million and a NAV per share of $12.39. The market price per share stood at $12.08, with a discount of 2.50%. The fund reported total net investment income of $5.99 million and a net increase in net assets from operations of $11.98 million.
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