AllianzGI Diversified Income & Convertible Fund Announces the Private Issuance of Mandatory Redeemable Preferred Shares & Sen...
October 06 2015 - 4:00PM
Business Wire
AllianzGI Diversified Income & Convertible Fund (NYSE:ACV)
(the “Fund”) announced today its private issuance of $30 million in
Mandatory Redeemable Preferred Shares (“MRPS”) due September 30,
2025 and $50 million in Senior Secured Notes (“Notes”) due November
22, 2029. Fitch Ratings assigned a rating of “AA” to the MRPS and
“AAA” to the Notes. The new MRPS and Notes replace a portion of the
Fund’s short-term borrowings and lock-in fixed-rate financing costs
with respect to the $80 million in leverage represented by the MRPS
and the Notes. The Fund continues to maintain a short term credit
facility at variable short-term rates for a portion of its
borrowings.
The Fund is a closed-end management investment company. The
Fund’s investment objective is to provide total return through a
combination of current income and capital appreciation, while
seeking to provide downside protection against capital loss. There
can be no assurance that the Fund will achieve its stated
objective.
Allianz Global Investors Fund Management LLC (“AGIFM”), an
indirect, wholly-owned subsidiary of Allianz Asset Management of
America, L.P., serves as the Fund’s investment manager and is a
member of Munich-based Allianz Group. Allianz Global Investors U.S.
LLC, an AGIFM affiliate, serves as the Fund’s sub-adviser.
The Fund’s daily New York Stock Exchange closing market prices,
net asset values per share, as well as other information, including
updated portfolio statistics and performance are available at
us.allianzgi.com/closedendfunds or by calling the Fund’s
shareholder servicing agent at (800) 254-5197.
Statements made in this release that look
forward in time involve risks and uncertainties and are forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such risks and uncertainties
include, without limitation, the adverse effect from a decline in
the securities markets or a decline in the Fund’s performance, a
general downturn in the economy, competition from other companies,
changes in government policy or regulation, inability to attract or
retain key employees, inability to implement its operating strategy
and/or acquisition strategy, and unforeseen costs and other effects
related to legal proceedings or investigations of governmental and
self-regulatory organizations. The Fund’s ability to pay dividends
to common shareholders is subject to the restrictions in its
registration statement, by-laws and other governing documents, as
well as the Investment Company Act of 1940.
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version on businesswire.com: http://www.businesswire.com/news/home/20151006006714/en/
For information on Allianz Closed-End
Funds:Financial Advisors: 800-926-4456Shareholders:
800-254-5197Media Relations: 212-739-3501
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