Saba Capital Management, L.P. and certain associated parties (collectively Saba) today issued the following statement regarding agreements with Western Asset Global High Income Fund Inc. (NYSE: EHI), Western Asset High Income Fund II Inc. (NYSE: HIX), and Western Asset High Income Opportunity Fund Inc. (NYSE: HIO) (Western Asset or the Funds).
We are pleased to have reached these agreements with the Funds Boards, which are the result of ongoing constructive engagement, said Paul Kazarian, Portfolio Manager at Saba. We believe the agreements will benefit all shareholders by providing them the opportunity to tender their shares at a price close to the Funds respective net asset values.
Under the terms of the agreements, Western Asset Global High Income Fund Inc., Western Asset High Income Fund II Inc., and Western Asset High Income Opportunity Fund Inc. will commence cash tender offers for up to 50%, 35%, and 20%, respectively, of the Funds outstanding shares of common stock at a price per share equal to 99.5% of the Funds respective net asset values (NAV) per share. The tender offers will not expire prior to November 13, 2020, or such later date as determined by the Funds Boards of Directors. The Funds will repurchase shares tendered and accepted in the tender offers in exchange for cash. In addition, Saba has agreed to certain standstill covenants.
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.
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