Herzfeld Credit Income Fund, Inc. Announces Final Tender Offer Results

Rhea-AI Summary

Herzfeld Credit Income Fund (NASDAQ: HERZ) announced final results of its cash tender offer dated October 15, 2025 and disclosed on October 21, 2025. The Fund offered to purchase up to 5% (845,433 shares) of outstanding common shares at 97.5% of NAV, with a purchase price of $2.5935 per share. A total of 11,603,885 shares were properly tendered, producing a pro-ration factor of 7.2858%, so the Fund will purchase 845,433 shares. The Fund’s outstanding common shares after the tender offer will be 16,063,219. EQ Fund Solutions served as information agent and shareholder questions are directed to (877) 536-1555.

Positive

• Purchased 845,433 shares, equal to the 5% offered
• Buyback executed at $2.5935 per share (97.5% of NAV)
• Outstanding shares reduced to 16,063,219 after purchase

Negative

• Only 7.2858% of tendered shares were accepted (heavy pro-ration)
• Large tender volume (11,603,885 shares) exceeded offer size

Insights

Fund repurchase analyst

Fund completed a limited tender buyback, purchasing the full 5% allotment at a price below stated NAV.

The Fund offered to repurchase up to 5% or 845,433 shares and accepted that full amount after 11,603,885 shares were properly tendered, resulting in a pro‑ration factor of 7.2858%. The purchase price paid for accepted shares was $2.5935, equal to 97.5% of the Fund’s NAV as of October 15, 2025.

The transaction reduces the Fund’s outstanding common shares to 16,063,219 and will be settled promptly. Key dependencies include the finalized settlement timing and the unchanged NAV basis used for the price calculation. Monitor the actual settlement date and any follow‑up disclosures over the next few trading days for confirmation of share retirements and exact cash flow timing.

MIAMI BEACH, Fla., Oct. 21, 2025 (GLOBE NEWSWIRE) -- Thomas J. Herzfeld Advisors, Inc., an SEC-registered investment adviser, and Herzfeld Credit Income Fund, Inc. (NASDAQ: HERZ) (the “Fund”) today announced the final results of the Fund’s cash tender offer to purchase up to 5% of its outstanding common shares at 97.5% of the Fund’s net asset value (“NAV”) as of the close of ordinary trading on the NASDAQ Capital Market (the “NASDAQ”) on October 15, 2025, the expiration date (the “Tender Offer”).

The table below shows the final results for the Fund:

Tender Offer Amount	Shares Properly Tendered	Shares to be Purchased	Pro-Ration Factor*		Purchase Price of Properly Tendered Shares**		Number of Outstanding Common Shares after Giving Effect to Tender Offer
Up to 5% or 845,433 shares	11,603,885	845,433	7.2858%		$2.5935		16,063,219
* The number of common shares to be purchased divided by the number of common shares properly tendered. The pro-ration factor is subject to rounding adjustment to avoid the purchase of fractional shares. ** Equal to 97.5% of the Fund’s NAV per share as of the close of ordinary trading on the NASDAQ on October 15, 2025 (the date the Tender Offer expired).

Under the terms and conditions of the Fund’s Tender Offer, if the number of common shares properly tendered exceeds the number of common shares offered to purchase, the Fund will purchase common shares properly tendered on a pro-rata basis (disregarding fractional shares). As indicated above, the Fund will purchase 7.2858% of the common shares properly tendered. The Fund will purchase the common shares accepted for payment as promptly as practicable.

EQ Fund Solutions, LLC is the information agent for the Offer. Shareholders with questions may call EQ Fund Solutions, LLC at (877) 536-1555.

About Thomas J. Herzfeld Advisors, Inc.

Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds.

More information about the advisor can be found at www.herzfeld.com.

Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. There can be no assurance that any Share repurchases will reduce or eliminate the discount of the Fund’s market price to the Fund’s net asset value per share. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

Forward-Looking Statements

This press release, and other statements that Thomas J. Herzfeld Advisors, Inc. (“TJHA”) or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) shares of the Fund may trade at a discount from Net Asset Value; (2) the Fund is exposed to risks associated with equity and equity-linked securities to the extent that adverse equity market conditions could negatively impact the ability of the borrowers to make payment of interest and/or principal with respect to loans underlying the CLOs in which the Fund invests; (3) as a “non-diversified” investment company, the Fund’s investments involve greater risks than would be the case for a similar diversified investment company (5) the Adviser’s judgment about the attractiveness, relative value or potential appreciation of a particular security or investment strategy may prove incorrect; (7) market disruption risks, including certain events that have had a disruptive effect on the securities markets, generally, such as pandemics, terrorist attacks, war and other geopolitical events, hurricanes, droughts, floods and other natural disasters; (8) risk of investment in CLOs and related securities generally (9) dependence on managers of the CLOs in which the Fund invests (10) risks associated with investing in CLOs generally. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/herz and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

Contact:
Tom Morgan
Chief Compliance Officer
Thomas J. Herzfeld Advisors, Inc.
1-305-777-1660

FAQ

What were the final results of Herzfeld Credit Income Fund's (HERZ) tender offer on October 15, 2025?

The Fund purchased 845,433 shares at $2.5935 per share (97.5% of NAV); 11,603,885 shares were tendered and the pro-ration factor was 7.2858%.

How much of HERZ did the Fund offer to repurchase and how many shares were bought?

The Fund offered to repurchase up to 5% (845,433 shares) and purchased the full 845,433 shares accepted.

What purchase price did HERZ pay in the October 2025 tender offer?

HERZ paid $2.5935 per share, equal to 97.5% of NAV as of market close on October 15, 2025.

What pro-ration applied to shares tendered in the HERZ offer?

A pro-ration factor of 7.2858% was applied to properly tendered shares.

What is HERZ's outstanding share count after the October 2025 tender offer?

After the tender offer, HERZ will have 16,063,219 outstanding common shares.