The Fund announced that it will conduct a tender offer for up to 5% of its outstanding common shares at a price per share equal to 98% of the Fund’s net asset value (“NAV”) per share as of the close of regular trading on the New York Stock Exchange (NYSE) on the date the tender offer expires. On January 21, 2020, the Fund announced that it would conduct the tender offer if, during a 120-day period that commenced on January 22, 2020 and ended on May 20, 2020, the Fund’s common shares trade at an average discount to NAV of more than 6% (based upon the average of the difference between its volume-weighted average market price and NAV each business day during the period). This condition was met. The Fund will commence the tender offer on or about June 25, 2020.
Additional terms and conditions of the tender offer will be set forth in the Fund’s offering materials and additional press releases, as applicable. If the number of shares tendered in the tender offer exceeds the maximum amount of the tender offer, the Fund will purchase shares from tendering shareholders on a pro rata basis (disregarding fractional shares). Accordingly, there is no assurance that the Fund will purchase all of a shareholder’s tendered common shares in the tender offer. The Fund may determine not to accept shares tendered in the tender offer under various circumstances, as will be set forth in the offering materials.