Aberdeen Asia-Pacific Income Fund, Inc. Renews Syndicated Loan Facility
April 16 2009 - 4:30PM
PR Newswire (US)
PHILADELPHIA, April 16 /PRNewswire-FirstCall/ -- Aberdeen
Asia-Pacific Income Fund, Inc. (NYSE AMEX: FAX) (the "Fund"), a
$1.8 billion closed-end fixed income fund, today announced that it
has renewed its $600 million credit facility with a syndicate of
major financial institutions led by Scotia Capital. Scotia Capital
represents the global corporate and investment banking and capital
markets businesses of The Bank of Nova Scotia ("Scotiabank"), an
Aa1/AA- rated financial institution. In response to the
auction-rate share crisis in 2008, the Fund and its affiliated
fund, the Aberdeen Global Income Fund (NYSE AMEX: FCO), were the
first in the closed-end fund sector to announce the redemption, at
par, of all the issued and outstanding shares of their Auction
Market Preferred Stock (the "AMPS"), and their replacement with
debt financing. This renewal marks the continuation of the Fund's
leverage capabilities. "We are very pleased that, despite the
extremely challenging market conditions, we were able to
successfully collaborate with Scotia Capital and other major
financial institutions to renew the credit facility," said
Christian Pittard, President of the Fund. The Fund is managed by
Aberdeen Asset Management Asia Limited and advised by Aberdeen
Asset Management Limited. Each are a wholly-owned subsidiary of
Aberdeen Asset Management PLC, a global investment management
group, managing more than $158 billion of assets for both
institutions and private individuals as of December 31, 2008. We
know global markets from the local level, drawing on more than
1,700 employees across 24 offices in 20 countries. Our mission is
to deliver superior asset management services across diverse asset
classes in which we believe we have a sustainable competitive edge
-- namely, equities, fixed income and property. The U.S. affiliate,
Aberdeen Asset Management Inc, (Philadelphia, PA), includes fixed
income and U.S. equity teams that manage over $33 billion of
domestic investments as of December 31, 2008. About Scotiabank:
Scotiabank is one of North America's premier financial institutions
and Canada's most international bank with assets in excess of
C$509bn as of January 31, 2009. Through our team of 69,000
employees, Scotiabank and its affiliates offer a broad range of
products and services, including personal, commercial, corporate
and investment banking, to more than 12.5 million customers in some
50 countries around the world. For more information, please visit
http://www.aberdeeninvestments.com/. DATASOURCE: Aberdeen
Asia-Pacific Income Fund, Inc. CONTACT: Katie Cowley, Media
Relations, +1-610-238-3652, , or Investor Relations,
+1-800-522-5465, Web Site: http://www.aberdeeninvestments.com/
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