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Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) is a non-diversified closed-end management investment company. The primary aim of the Fund is to provide current income to its stockholders while its secondary goal is to achieve capital appreciation. It seeks to attain these objectives by investing at least 80% of its net assets in investment-grade corporate fixed-income securities with varying maturities.
Managed under the combined expertise of Franklin Templeton and Legg Mason, IGI capitalizes on a rich history of financial stewardship and a deep understanding of market dynamics. This partnership brings together seasoned professionals renowned for their strategic investment acumen and commitment to delivering shareholder value.
As part of its structured investment approach, IGI focuses on diversifying its portfolio across high-quality corporate bonds. This strategy not only aims to mitigate risk but also seeks to enhance returns over time. The Fund is configured to liquidate and distribute substantially all of its net assets to shareholders by the time of its termination.
Recent updates from Franklin Resources, Inc. underscore the Fund's ongoing commitment to adapting to market conditions and optimizing returns. Shareholders are encouraged to stay informed through official channels for insights and updates on fund performance and strategic initiatives.
Overall, Western Asset Investment Grade Defined Opportunity Trust Inc. stands as a significant player in the investment landscape, leveraging its dual-focus on income generation and capital growth to meet the evolving needs of its investors.
Western Asset Investment Grade Defined Opportunity Trust (NYSE: IGI) has released its financial position as of August 31, 2024. The Fund's total net assets increased to $193,643,800 from $187,788,087 in the previous quarter. The NAV per share rose to $17.85, up from $17.31, while the market price per share improved to $17.81 from $16.85. The Fund reported a total net investment income of $2,297,018 and a total net realized/unrealized gain of $5,869,324 for the quarter. The discount to NAV narrowed significantly to -0.22% compared to -2.66% in the previous quarter.
Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE: IGI) announced the final results of its issuer tender offer for up to 100% of outstanding common shares. Approximately 4,854,372 shares (44.75% of outstanding) were tendered at $18.15 per share, equal to 100% of NAV on October 1, 2024. The Fund's total net assets post-tender offer are approximately $108.7 million. Payment for tendered shares will be made around October 7, 2024.
Following stockholder approval on June 11, 2024, the Fund will convert to a perpetual fund, eliminating its scheduled termination on December 2, 2024. The Fund will change its name to "Western Asset Investment Grade Opportunity Trust Inc." on November 1, 2024, retaining the ticker IGI. The investment manager agreed to a 10 basis point fee waiver for two years, ending June 7, 2026.
Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE: IGI) has announced details of its upcoming cash tender offer for up to 100% of outstanding shares. The offer is expected to commence around September 3, 2024, with an expiration time of 5:00 p.m., New York City time, on or about October 1, 2024. The purchase price will be 100% of the Fund's net asset value per share on the expiration day.
Key points:
- If the Fund maintains at least $50 million in net assets post-offer, it will change its name to 'Western Asset Investment Grade Opportunity Trust Inc.'
- If net assets fall below $50 million, the offer will be cancelled, and the Fund will liquidate on or about December 2, 2024
- The investment manager has agreed to a 10 basis point management fee waiver for two years until June 7, 2026
Western Asset Investment Grade Defined Opportunity Trust, trading under 'IGI,' announced stockholders approved converting the Fund to a perpetual fund at a special meeting on June 7, 2024.
This entails eliminating its planned liquidation on December 2, 2024. A tender offer will start in September 2024 for up to 100% of the Fund’s Common Stock at net asset value.
If at least $50 million remains post-tender, the Fund will be renamed 'Western Asset Investment Grade Opportunity Trust,' retaining the ticker 'IGI.'
If less than $50 million remains, the Fund will liquidate in December 2024. A fee waiver of 10 basis points on the annual management fee will be applied until June 7, 2026.
The Fund is managed by Franklin Templeton Fund Adviser and sub-advised by various Western Asset Management entities.
Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) reported its financial position as of February 29, 2024. The Total Net Assets reached $188,642,691, with NAV Per Share of Common Stock at $17.39. The Market Price Per Share was $17.06, indicating a slight premium. The Fund also disclosed Total Net Investment Income of $2,271,249 and Total Net Realized/Unrealized Gain of $3,462,903. Earnings per Common Share Outstanding showed growth in various categories. Undistributed Net Investment Income was reported at $(518,605). The Fund's financial data is unaudited, and it files reports with the SEC regularly.
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