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Saba Capital Management has entered into a standstill agreement with The New America High Income Fund (NYSE: HYB). As part of this agreement, the Fund will reorganize with and into the T. Rowe Price High Yield Fund (Nasdaq: PRHYX), pending stockholder approval.
The reorganization aims to eliminate the Fund's trading discount and reduce management fees for stockholders. Additionally, Saba will withdraw its notice to nominate individuals for election at the Fund’s 2024 Annual Meeting of Stockholders.
Paul Kazarian, Partner and Portfolio Manager of Saba, expressed satisfaction with the agreement, noting the potential benefits for stockholders.
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