Angel Oak Financial Strategies Income Term Trust Announces Preliminary Results of Rights Offering
15 Outubro 2021 - 10:00AM
Business Wire
Angel Oak Financial Strategies Income Term Trust (NYSE: FINS)
(the Fund) today announced the preliminary results of its
transferable rights offering (the Offer). The Offer commenced on
September 20, 2021 and expired on October 14, 2021 (the Expiration
Date).
The Offer entitled rights holders to subscribe for up to an
aggregate of 5,076,333 of the Fund’s common shares of beneficial
interest, par value $0.001 per share (Common Shares). The final
subscription price of $16.06 per Common Share was determined based
upon a formula equal to 86% of the Fund’s net asset value per
Common Share at the close of trading on the NYSE on the Expiration
Date. As a result of high investor demand, the Offer was
over-subscribed. The over-subscription requests exceeded the
over-subscription shares available. Accordingly, the shares
subscribed for pursuant to the over-subscription privilege of the
Offer will be allocated pro rata among those fully exercising
record date shareholders who over-subscribed based on the number of
rights originally issued to them by the Fund. The Common Shares
subscribed for will be issued after completion of the pro rata
allocation of over-subscription shares and receipt of all
shareholder payments.
The Fund will issue all of the 5,076,333 Common Shares offered
pursuant to the Offer. The gross proceeds of the Offer are expected
to be approximately $81.6 million.
“We are very pleased with the results of the FINS rights
offering,” said Johannes Palsson, Portfolio Manager for the Fund.
“We continue to see significant opportunities across the non-bank
financials landscape, and efficiently raising new capital to
further allocate to non-bank financials allows us to expand the
portfolio’s investment opportunities as we seek to deliver
compelling risk-adjusted returns for our investors,” said
Palsson.
ABOUT FINS
Led by Angel Oak’s experienced financial services team, FINS
invests predominantly in U.S. financial sector debt as well as in
selective opportunities across financial sector preferred and
common equity. Under normal circumstances, at least 50% of FINS’s
portfolio is publicly rated as investment grade or, if unrated, is
judged by Angel Oak to be of investment grade quality.
ABOUT ANGEL OAK CAPITAL ADVISORS, LLC
Angel Oak Capital Advisors is an investment management firm
focused on providing compelling fixed-income investment solutions
to its clients. Backed by a value-driven approach, Angel Oak
Capital Advisors seeks to deliver attractive, risk-adjusted returns
through a combination of stable current income and price
appreciation. Its experienced investment team seeks the best
opportunities in fixed income, with a specialization in
mortgage-backed securities and other areas of structured
credit.
Information regarding the Fund and Angel Oak Capital Advisors
can be found at www.angeloakcapital.com.
Past performance is neither indicative nor a guarantee of future
results. Investors should read the prospectus supplement and
accompanying prospectus and consider the investment objective and
policies, risk considerations, charges and ongoing expenses of an
investment carefully before investing.
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version on businesswire.com: https://www.businesswire.com/news/home/20211015005340/en/
Media: Trevor Davis, Gregory FCA for Angel Oak Capital
Advisors 443-248-0359 trevor@gregoryfca.com
Company Contact: Randy Chrisman, Chief Marketing &
Corporate IR Officer, Angel Oak Capital Advisors 404-953-4969
randy.chrisman@angeloakcapital.com
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