The fund today announced the successful completion of its transferable rights offer (the “Offer”) which expired on June 18, 2025 (the “Expiration Date”). The Offer entitled rights holders to subscribe for up to an aggregate of 18,056,056 shares of the Fund’s common shares of beneficial interest, par value of $0.001 per share (each, a “Common Share”). The final subscription price of $9.22 per Common Share was determined based upon the formula equal to 95% of the average of the last reported sales price per Common Share on the New York Stock Exchange (the “NYSE”) on the Expiration Date and each of the four (4) immediately preceding trading days.
As a result of high investor demand, the Offer was over-subscribed, and the Fund will exercise the over-subscription privilege. Pursuant to the over-subscription privilege, shareholders of the Fund as of May 27, 2025 (the “Record Date”) who fully exercised all rights issued to them were able to subscribe at the price indicated above, subject to certain limitations and allotment, for any additional Common Shares which were not subscribed for by other holders of rights. The shares subscribed for pursuant to the over-subscription privilege of the Offer will be allocated pro-rata among those fully exercising Record Date shareholders who over-subscribed based on the number of rights originally issued to them by the Fund. The Fund will return to those investors that submitted over-subscription requests the full amount of their excess payments as soon as practicable.