Saba Capital Reaches Agreement with Royce Global Value Trust, Inc. to Tender 50% of its Shares

Saba Capital Management has announced an agreement with Royce Global Value Trust (NYSE: RGT) to amend its tender offer.

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12/07/2020 - 08:05 AM EST

NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that it has reached an agreement with Royce Global Value Trust, Inc. (NYSE: RGT) (the “Fund”).

Under the terms of the agreement, the Fund shall amend the terms of its Tender Offer Statement on Schedule TO filed on October 28, 2020 to reflect a revised tender offer to purchase for cash up to 50% of its outstanding common shares at a price per Share equal to 100% of the Fund’s net asset value per Share with an expiration date of 11:59 p.m., New York City time on December 21, 2020 (the “Revised Tender Offer”). The Fund will repurchase shares tendered and accepted in the Revised Tender Offer in exchange for cash.

About Saba Capital

Saba Capital Management, L.P. is an Investment Adviser based in New York. Launched in 2009, Saba currently manages assets across three core strategies: Credit Relative Value, Tail Hedge and Closed-End Funds.