The Fund announced the completion of its annual offer to repurchase a portion of its outstanding shares of common stock from its stockholders (the “Repurchase Offer”).
Under the terms of the Repurchase Offer, the Fund offered to repurchase up to 5% of its issued and outstanding shares of common stock (the “Shares”) for cash at a price equal to the Fund’s net asset value per Share calculated as of the close of business of the New York Stock Exchange on November 18, 2024 (subject to the repurchase fee of 2% of the net asset value per Share, which was deducted from the repurchase price (the “Repurchase Fee”)).
As previously announced on November 15, 2024, the expiration date of the Repurchase Offer, Computershare Trust Company, N.A., the Fund’s depositary agent, indicated that 439,157 Shares (approximately 12% of the Fund’s Shares outstanding as of November 15, 2024) were validly submitted for tender and not withdrawn. Since more than 5% of the Fund’s outstanding Shares were validly submitted for tender, the Fund repurchased validly tendered Shares on a pro rata basis. However, the Fund accepted all Shares validly submitted for tender by stockholders who owned, beneficially or of record, an aggregate of not more than 99 Shares and who validly tendered all of their Shares, before pro rating Shares validly tendered by other stockholders. Consequently, approximately 42% of Shares validly submitted for tender were accepted for repurchase.