Tekla World Healthcare Fund Announces Completion of its Rights Offering

Rhea-AI Summary

Tekla World Healthcare Fund (NYSE: THW) has successfully completed a non-transferable rights offering, allowing shareholders to purchase one new share for every three rights held. The offering expired on April 6, 2021, at a subscription price of $14.262 per share, representing 95% of the volume weighted average price on the NYSE on the expiration date and preceding days. The Fund received requests for 6,930,639 shares, resulting in gross proceeds of approximately $98.8 million. New shares are expected to be issued on or about April 9, 2021.

Positive

• Successful completion of rights offering.
• Gross proceeds of approximately $98.8 million.
• Strong interest with subscription requests for 6,930,639 shares.

Negative

• None.

Tekla World Healthcare Fund (the “Fund”) (NYSE: THW) is pleased to announce the completion of its one for three non-transferable rights offering (the “Offering”) which expired Tuesday, April 6, 2021 (the “Expiration Date”). Pursuant to the Offering, record date shareholders were entitled to purchase one newly issued share of the Fund for every three non-transferrable rights held.

The subscription price for each newly issued share was determined to be $14.262 per share, which, under the terms of the prospectus, was equal to 95% of the volume weighted average price of a share on the NYSE on the Expiration Date and each of the four preceding trading days.

In the Offering, the Fund received subscription requests for 6,930,639 shares from rights holders (including oversubscription requests). Accordingly, the Fund expects to issue 6,930,639 new shares for these subscriptions on or about April 9, 2021. Gross proceeds from the Offering are expected to total approximately $98.8 million.

Tekla World Healthcare Fund (NYSE: THW) is a closed-end fund that invests in public and private companies in the healthcare industry. Tekla Capital Management LLC, based in Boston, serves as Investment Adviser to the Fund. Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.

This communication shall not constitute an offer to sell or a solicitation for an offer to buy these securities, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the laws of any such State.

For additional information regarding the Offering please call AST Fund Solutions, LLC at (866) 620-0678.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210409005460/en/

FAQ

What is the subscription price for the rights offering of Tekla World Healthcare Fund (THW)?

The subscription price for the rights offering was $14.262 per share.

When did the rights offering for Tekla World Healthcare Fund (THW) expire?

The rights offering expired on April 6, 2021.

How many shares were requested in the rights offering for Tekla World Healthcare Fund (THW)?

The Fund received requests for 6,930,639 shares.

What are the expected gross proceeds from the rights offering of Tekla World Healthcare Fund (THW)?

The expected gross proceeds from the offering are approximately $98.8 million.

When will the new shares from the rights offering of Tekla World Healthcare Fund (THW) be issued?

New shares are expected to be issued on or about April 9, 2021.