The Fund announced the results of its transferable rights offering, which commenced on January 17, 2020, and expired on February 13, 2020.
The Offer entitled the holders of the Company’s common stock (par value $0.001 per share) (“Common Stock”) to subscribe for up to an aggregate 36,424,162 shares of Common Stock. The subscription price of $14.12 per share of Common Stock was determined based upon the formula equal to 90.25% of the Company’s net asset value per share of Common Stock at the close of trading on the NYSE on the Expiration Date. Shares of Common Stock will be issued promptly after completion and receipt of all stockholder payments.
Proceeds of the Offer are expected to be approximately $350 million. The Company will receive the entire proceeds of the Offer since Cohen & Steers Capital Management, Inc. (the “Advisor”), the Company’s investment adviser, has agreed to pay the dealer manager fee and all other expenses related to the Offer.