Western Asset Investment Grade Opportunity Trust Inc. reports news centered on its closed-end fund structure, NYSE-listed common shares, adviser and subadviser arrangements, and shareholder governance. Recent company updates include annual meeting results, director elections, auditor ratification, and the roles of Franklin Templeton Fund Adviser and Western Asset Management.
IGI news also covers closed-end fund capital actions such as issuer tender offers, net asset value-based repurchases, and the completed elimination of the Fund's prior defined term and liquidation policy.
Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE: IGI) has announced details of its upcoming cash tender offer for up to 100% of outstanding shares. The offer is expected to commence around September 3, 2024, with an expiration time of 5:00 p.m., New York City time, on or about October 1, 2024. The purchase price will be 100% of the Fund's net asset value per share on the expiration day.
Key points:
- If the Fund maintains at least $50 million in net assets post-offer, it will change its name to 'Western Asset Investment Grade Opportunity Trust Inc.'
- If net assets fall below $50 million, the offer will be cancelled, and the Fund will liquidate on or about December 2, 2024
- The investment manager has agreed to a 10 basis point management fee waiver for two years until June 7, 2026
Western Asset Investment Grade Defined Opportunity Trust, trading under 'IGI,' announced stockholders approved converting the Fund to a perpetual fund at a special meeting on June 7, 2024.
This entails eliminating its planned liquidation on December 2, 2024. A tender offer will start in September 2024 for up to 100% of the Fund’s Common Stock at net asset value.
If at least $50 million remains post-tender, the Fund will be renamed 'Western Asset Investment Grade Opportunity Trust,' retaining the ticker 'IGI.'
If less than $50 million remains, the Fund will liquidate in December 2024. A fee waiver of 10 basis points on the annual management fee will be applied until June 7, 2026.
The Fund is managed by Franklin Templeton Fund Adviser and sub-advised by various Western Asset Management entities.
Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) reported its financial position as of February 29, 2024. The Total Net Assets reached $188,642,691, with NAV Per Share of Common Stock at $17.39. The Market Price Per Share was $17.06, indicating a slight premium. The Fund also disclosed Total Net Investment Income of $2,271,249 and Total Net Realized/Unrealized Gain of $3,462,903. Earnings per Common Share Outstanding showed growth in various categories. Undistributed Net Investment Income was reported at $(518,605). The Fund's financial data is unaudited, and it files reports with the SEC regularly.
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