Highland Opportunities and Income Fund (HFRO) Announces Tender Offer for Common Shares in Exchange for up to $100 Million in Preferred Shares
Highland Income Fund (HFRO)
US:NYSE Investor Relations:
highlandfunds.com/floating-rate-opportunities-fund
Company Research
Source: PR Newswire
DALLAS, Nov. 25, 2024 /PRNewswire/ -- The Highland Opportunities and Income Fund (NYSE:HFRO) ("HFRO" or the "Fund") today announced its plan to conduct an issuer tender offer pursuant to Rule 13e-4 under the Securities Exchange Act of 1934 for its common shares ("Shares") with a maximum aggregate purchase price of $100 million, in exchange for Series B Preferred Shares (the "Tender Offer"). The expected exchange price for the Tender Offer is $10.00 per Share, which represents a significant premium to the current Share price.The Fund's Board of Trustees (the "Board") authorized the Tender Offer on November 22, 2024. The Tender Offer is expected to commence in January 2025.It is anticipated that the Series B Preferred Shares to be issued will be structured similarly to the existing 5.375% Series A Cumulative Preferred Shares (NYSE:HFRO.PR.A) and be rated by a nationally recognized statistical rating organization and listed on the New York Stock Exchange ("NYSE"). The Fund will not issue
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