The New America High Income Fund, Inc. Update on Timing of Reorganization

Rhea-AI Summary

The New America High Income Fund (NYSE: HYB) has announced a delay in its planned reorganization into the T. Rowe Price High Yield Fund. The reorganization, which was initially scheduled to close after market hours on February 21, 2025, will now take place on a date to be mutually agreed upon by the parties involved, subject to customary closing conditions. Upon completion of the reorganization, current HYB shareholders will receive Investor Class shares of the T. Rowe Price Fund.

Positive

• Shareholders will receive Investor Class shares in T. Rowe Price High Yield Fund

Negative

• Delay in planned reorganization from initial February 21, 2025 date
• Uncertainty about new closing timeline

BOSTON, Feb. 21, 2025 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that the reorganization of the Fund into the T. Rowe Price High Yield Fund (the “T. Rowe Price Fund”), a separate series of the T. Rowe Price High Yield Fund, Inc. (the “Reorganization”), initially expected to close following the close of business of the New York Stock Exchange on Friday, February 21, 2025, is now expected to close on a mutually agreed upon date in writing by the parties, subject to satisfaction of customary closing conditions. Upon the closing of the Reorganization, shareholders of the Fund will become holders of Investor Class shares of the T. Rowe Price Fund.

About the Fund
The New America High Income Fund, Inc. is a diversified, closed-end management investment company with a leveraged capital structure. The Fund’s investment adviser is T. Rowe Price Associates, Inc. (“T. Rowe Price”). As of January 31, 2025, T. Rowe Price and its affiliates managed approximately $1.65 trillion of assets. T. Rowe Price has provided investment advisory services to investment companies since 1937.

This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Fund or the T. Rowe Price Fund. Additional information about the Fund and the T. Rowe Price Fund, including performance and portfolio characteristic information, is available at www.newamerica-hyb.com or www.troweprice.com, respectively.

Statements in this press release that are not historical facts may be forward-looking statements, as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that may be beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

Contact:        
Ellen E. Terry, President
Telephone: 617-263-6400
www.newamerica-hyb.com

FAQ

When will the HYB Fund reorganization into T. Rowe Price High Yield Fund be completed?

The reorganization's closing date has been delayed from February 21, 2025, and will now occur on a mutually agreed upon date to be determined by the parties involved.

What shares will HYB shareholders receive after the reorganization?

HYB shareholders will receive Investor Class shares of the T. Rowe Price High Yield Fund upon completion of the reorganization.

What is causing the delay in HYB Fund's reorganization?

The specific reason for the delay was not disclosed, but the closing remains subject to customary closing conditions.

What was the original closing date for HYB Fund's reorganization?

The reorganization was originally scheduled to close following the close of business of the NYSE on Friday, February 21, 2025.