Highland Credit Strategies Fund Announces Completion of the Reorganization of Highland Distressed Opportunities, Inc. into HC...
June 15 2009 - 9:27AM
Business Wire
Highland Credit Strategies Fund (NYSE: HCF) announced today the
completion of the merger of Highland Distressed Opportunities, Inc.
(NYSE: HCD) into HCF Acquisition LLC, a wholly-owned subsidiary of
HCF (the "Merger"). HCF Acquisition LLC will subsequently dissolve
and liquidate and transfer its assets to HCF. The Merger was based
on HCD's and HCF's relative net asset values as of 4:00 p.m. on
Friday, June 12, 2009.
HCD reported a net asset value per share of $2.90 and HCF
reported a net asset value per share of $6.28 as of 4:00 p.m. on
Friday, June 12, 2009. The resulting conversion ratios were
calculated as 0.46133 common shares of HCF for each share of common
stock of HCD. HCD common stockholders will subsequently receive
cash payments in lieu of fractional HCF shares other than with
respect to shares held in the Dividend Reinvestment Plan.
About Highland Credit Strategies Fund
The Trust is a non-diversified, closed-end management investment
company. The Trust�s investment objectives are to provide both
current income and capital appreciation. The Trust seeks to
primarily invest in secured and unsecured floating and fixed rate
loans, bonds and other debt obligations, debt obligations of
stressed, distressed and bankrupt issuers, structured products and
equities. Highland Capital Management, L.P. (�Highland�) has served
as the Trust�s investment adviser since the Trust�s inception in
2006. The Trust�s shares are listed on the NYSE under the symbol
�HCF�. An investment in the Trust is not appropriate for all
investors. No assurance can be given that the Trust will achieve
its investment objectives.
Shares of closed-end investment companies frequently trade at a
discount to net asset value. The price of the Trust�s shares is
determined by a number of factors, several of which are beyond the
control of the Trust. Therefore, the Trust cannot predict whether
its shares will trade at, below or above net asset value.
Highland, the Trust�s investment adviser, is a leading
alternative investment management firm specializing in credit and
structured products. Headquartered in Dallas, Texas, Highland
manages assets on behalf of investors around the world with offices
in New York, Singapore, and London.
Past performance does not guarantee future results.
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