Credit Suisse High Yield Credit Fund Announces Preliminary Results of Transferable Rights Offering

Rhea-AI Summary

Credit Suisse High Yield Credit Fund (NYSE American: DHY) announced preliminary results of its transferable rights offering, which commenced April 21, 2026 and expired May 14, 2026.

The offer was oversubscribed, issuing 34,536,541 new common shares at $1.75 each, for expected gross proceeds of about $60.4 million, to be invested under existing objectives and policies.

Positive

• Oversubscribed rights offering indicates demand for DHY shares
• 34,536,541 new shares issued, raising about $60.4 million gross
• Subscription price set at 86.0% of NAV on expiration date
• Net proceeds to be invested under existing investment objectives and policies

Negative

• Issuance of 34,536,541 new shares creates shareholder dilution
• Offering priced below NAV at 86.0% of net asset value

News Market Reaction – DHY

-0.57%

-0.57% Session close to close

In the May 15 session, DHY declined 0.57%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement reports preliminary results of DHY’s transferable rights offering, confirming it w...

Analysis

This announcement reports preliminary results of DHY’s transferable rights offering, confirming it was oversubscribed and that 34,536,541 new shares at $1.75 are expected to generate about $60.4 million in gross proceeds. The pricing formula used 86.0% of NAV on the expiration date, and net proceeds are intended to be invested per the fund’s objectives. Investors may watch how the larger asset base and any leverage changes affect future returns and distributions.

Key Figures

New shares issued: 34,536,541 shares Subscription price: $1.75 per share NAV pricing factor: 86.0% of NAV +5 more

8 metrics

New shares issued 34,536,541 shares Common Shares issued in transferable rights offering

Subscription price $1.75 per share Rights offering subscription price based on NAV formula

NAV pricing factor 86.0% of NAV Subscription price set at 86.0% of NAV on Expiration Date

Gross proceeds $60.4 million Expected gross proceeds from transferable rights offering

Par value $0.001 per share Par value of Common Shares issued in the offering

Estimated net proceeds $57.35M Net proceeds projected in April 21, 2026 424B5

Projected leverage pre-offer 28% Leverage level projected in 424B5 before offering proceeds

Projected leverage post-offer 23% Leverage level projected in 424B5 after offering proceeds

Previous Offering Reports

1 past event · Latest: Apr 14 (Neutral)

Same Type Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 14	Rights offering launch	Neutral	-0.5%	Announced transferable rights offering terms and trading period for DHY RT.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Limited history shows a small negative move on prior offering news, suggesting mildly cautious reactions to capital-raising events.

Recent Company History

On April 14, 2026, DHY announced a transferable rights offering allowing one Right per Common Share, with three Rights to purchase one new share and trading of DHY RT through May 13, 2026. That announcement led to a -0.53% next-day move. Related filings on April 21, 2026 detailed the same 34,536,541-share structure and estimated proceeds. Today’s news reports preliminary results showing the offering was oversubscribed and fully issued, continuing the same capital-raising trajectory.

Key Terms

transferable rights offering, net asset value, over-subscription privilege, prospectus

4 terms

transferable rights offering financial

"announced the preliminary results of its transferable rights offering (the "Offer")."

A transferable rights offering is a company raising money by giving existing shareholders tradable tokens called “rights” that let them buy new shares at a set price. Think of it like a coupon that shareholders can either use to buy discounted stock, sell to someone else, or let expire; it matters to investors because exercising preserves ownership percentage while selling can provide cash, and the overall offering can dilute share value for those who do nothing.

net asset value financial

"86.0% of the net asset value per Common Share at the close of trading"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

over-subscription privilege financial

"completion of the pro-rata allocation of Common Shares in respect of the over-subscription privilege."

An over-subscription privilege is a feature of a share offering that lets existing investors request more shares than their initial entitlement, with any extra allocation given only if other investors do not take their full allotment. It matters because it gives shareholders a chance to increase their stake and avoid losing ownership percentage, much like ordering extra slices at a party in case others pass—however, receiving the extras is not guaranteed.

prospectus regulatory

"This document is not an offering, which can only be made by a prospectus."

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, May 15, 2026 /PRNewswire/ -- Credit Suisse High Yield Credit Fund (NYSE American: DHY) (the "Fund") today announced the preliminary results of its transferable rights offering (the "Offer"). The Offer commenced on April 21, 2026 and expired on May 14, 2026 (the "Expiration Date"). The Offer entitled rights holders to subscribe for up to an aggregate of 34,536,541 of the Fund's common shares of beneficial interest, par value $0.001 per share (the "Common Shares").  The subscription price was $1.75 per Common Share and was determined based upon the formula equal 86.0% of the net asset value per Common Share at the close of trading on the NYSE American on the Expiration Date. The Offer was oversubscribed.

The Offer was successfully completed, with a total of 34,536,541 Common Shares issued. Gross proceeds of the Offer are expected to be approximately $60.4 million. The Fund intends to invest the net proceeds of the Offer in accordance with its investment objectives and policies. Common Shares will be issued promptly following receipt of all shareholder payments and completion of the pro-rata allocation of Common Shares in respect of the over-subscription privilege.

This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. Such information, including other information about the Fund, can be found on file with the Securities and Exchange Commission (the "SEC") and should be read carefully before investing.

About Credit Suisse High Yield Credit Fund. The Fund is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's primary investment objective is to seek high current income, with capital appreciation as a secondary objective to the extent consistent with the principal investment objective. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in investments rated below investment grade quality.

About UBS Asset Management (Americas) LLC. UBS Asset Management (Americas) LLC, the Fund's investment adviser ("UBS AM (Americas)" or the "Adviser"), is part of the Asset Management business of UBS Group AG, a leading global financial services organization headquartered in Zurich.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Fund and the Adviser believe the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Fund's reports that are filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Fund and the Adviser do not assume a duty to update any forward-looking statement.

Risks of Investing in Closed-End Funds

Shares of many closed-end funds frequently trade at a discount from their asset value. Funds are subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in a fund. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

View original content:https://www.prnewswire.com/news-releases/credit-suisse-high-yield-credit-fund-announces-preliminary-results-of-transferable-rights-offering-302773685.html

SOURCE UBS Asset Management (Americas) LLC

FAQ

What are the preliminary results of the DHY transferable rights offering announced May 15, 2026?

The DHY rights offering was oversubscribed, with 34,536,541 common shares issued at $1.75 each. According to the fund, expected gross proceeds are about $60.4 million, to be invested per existing objectives and policies.

At what price were new DHY shares offered in the 2026 rights offering?

New DHY shares were offered at a subscription price of $1.75 per share. According to the fund, this price equaled 86.0% of net asset value per share at the close of trading on the May 14, 2026 expiration date.

How many new DHY shares were issued in the 2026 rights offering?

The DHY rights offering resulted in 34,536,541 new common shares being issued. According to the fund, rights holders could subscribe up to that aggregate amount, and the offering was fully taken up and oversubscribed by participating shareholders.

How much capital did DHY raise through the May 2026 rights offering?

DHY expects gross proceeds of approximately $60.4 million from the rights offering. According to the fund, this reflects 34,536,541 common shares issued at $1.75 each, before deducting any costs associated with completing the offering and investing the proceeds.

When did the DHY transferable rights offering start and end?

The DHY transferable rights offering began on April 21, 2026 and expired on May 14, 2026. According to the fund, the net asset value used to set the subscription price was measured at the close of trading on the expiration date.

How will DHY use the proceeds from its May 2026 rights offering?

The fund intends to invest the net proceeds in line with its existing investment objectives and policies. According to DHY, common shares will be issued promptly after receiving all shareholder payments and completing the pro-rata allocation for oversubscription requests.