AllianzGI Diversified Income & Convertible Fund Announces the Private Issuance of Mandatory Redeemable Preferred Shares and Senior Secured Notes
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NEW YORK--(BUSINESS WIRE)-- AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) (the “Fund”) announced today its private issuance of $30 million in Mandatory Redeemable Preferred Shares (“MRPS”) due September 30, 2025 and $50 million in Senior Secured Notes (“Notes”) due November 22, 2029. Fitch Ratings assigned a rating of “AA” to the MRPS and “AAA” to the Notes. The new MRPS and Notes replace a portion of the Fund’s short-term borrowings and lock-in fixed-rate financing costs with respect to the $80 million in leverage represented by the MRPS and the Notes. The Fund continues to maintain a short term credit facility at variable short-term rates for a portion of its borrowings.
The Fund is a closed-end management investment company. The Fund’s investment objective is to provide total return through a combination of current income and capital appreciation, while seeking to provide downside protection against capital loss. There can be no assurance that the Fund will achieve its stated objective.
Allianz Global Investors Fund Management LLC (“AGIFM”), an indirect, wholly-owned subsidiary of Allianz Asset Management of America, L.P., serves as the Fund’s investment manager and is a member of Munich-based Allianz Group. Allianz Global Investors U.S. LLC, an AGIFM affiliate, serves as the Fund’s sub-adviser.
The Fund’s daily New York Stock Exchange closing market prices, net asset values per share, as well as other information, including updated portfolio statistics and performance are available at us.allianzgi.com/closedendfunds or by calling the Fund’s shareholder servicing agent at (800) 254-5197.
Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Fund’s ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, by-laws and other governing documents, as well as the Investment Company Act of 1940.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151006006714/en/
For information on Allianz Closed-End Funds:
Financial
Advisors: 800-926-4456
Shareholders: 800-254-5197
Media
Relations: 212-739-3501
Source: AllianzGI Diversified Income & Convertible Fund
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