Prospect Street(R) High Income Portfolio Inc. Announces Redemption of Auction Rate Cumulative Preferred Shares
09 Junho 2008 - 5:15PM
Business Wire
Prospect Street High Income Portfolio Inc. (the �Fund�) (NYSE:PHY)
announced today that its Board of Directors approved the full
redemption of the Fund�s outstanding Series W Auction Rate
Cumulative Preferred Shares pursuant to their terms. The redemption
date will be July 17, 2008 and the redemption price will be $25,000
per share, which is equal to the liquidation preference per share.
Highland Capital Management, L.P. (�Highland�), the Fund�s
investment adviser, is a leading alternative investment management
firm specializing in credit and structured products, with
approximately $37.3 billion in assets under management as of April
30, 2008. Headquartered in Dallas, Texas, Highland manages assets
on behalf of investors around the world with offices in New York
and London. About Prospect Street� High Income Portfolio Inc.
Prospect Street� High Income Portfolio Inc. is a diversified,
closed-end management investment company. The Fund�s investment
objective is to provide high current income, while seeking to
preserve stockholders� capital. The Fund seeks to primarily invest
in fixed-income securities rated in the lower categories by
established rating agencies (rated �BB� or lower by S&P and
�Ba� or lower by Moody�s) or nonrated fixed-income securities
deemed by the Fund�s investment adviser to be of comparable
quality. Highland Capital Management, L.P. (�Highland�) has served
as the Fund�s investment adviser since 2000. The Fund�s shares are
listed on the NYSE under the symbol �PHY�. An investment in the
Fund is not appropriate for all investors. No assurance can be
given that the Fund will achieve its investment objectives. Shares
of closed-end investment companies frequently trade at a discount
to net asset value. The price of the Fund�s shares is determined by
a number of factors, several of which are beyond the control of the
Fund. Therefore, the Fund cannot predict whether its shares will
trade at, below or above net asset value. 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 closed-end investment companies, changes in government policy
or regulation, inability of the Fund�s investment adviser to
attract or retain key employees, inability of the Fund to implement
its investment strategy, inability of the Fund to manage rapid
expansion and unforeseen costs and other effects related to legal
proceedings or investigations of governmental and self-regulatory
organizations. Past performance does not guarantee future results.
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