NEW
YORK, April 1, 2022 /PRNewswire/ -- The Swiss
Helvetia Fund, Inc. (NYSE: SWZ), a non-diversified registered
closed-end investment company (the "Fund"), announced today that it
has entered into a secured credit agreement with U.S. Bank National
Association that provides the fund with up to $15,000,000 of funding on a revolving basis,
subject to a limit of 10% of the Fund's available assets.
Borrowings under the agreement will be for general corporate
purposes, including investment. The credit agreement contains
customary representation and warranties and events of defaults for
credit agreements of this type and is scheduled to mature
March 29, 2023. Borrowings
under the credit agreement are secured by a lien on substantially
all of the Fund's assets.
The credit agreement follows stockholder ratification at the
Fund's 2021 annual meeting of stockholders of a non-binding
proposal by the Fund's Board of Directors to ratify approval by
stockholders in 2006 to permit the Fund to leverage up to 10% of
the Fund's total assets (including the amount borrowed).
Using leverage is a speculative investment technique and involves
certain risks. The Fund has not previously used leverage for
investment purposes and there can be no assurance that any leverage
strategy the Fund employs will be successful.
About The Swiss Helvetia Fund, Inc.
The Fund (www.swzfund.com) is a non-diversified, closed-end
investment company seeking long-term capital appreciation through
investment in equity and equity-linked securities of Swiss
companies. Its shares are listed on the NYSE under the symbol
"SWZ." The Fund seeks to achieve its investment objective by
investing generally in Swiss equity and equity-linked securities
that are traded on a Swiss stock exchange, traded at the pre-bourse
level of one or more Swiss stock exchanges, traded through a market
maker or traded over the counter in Switzerland. The Fund also may invest in Swiss
equity and equity-linked securities of Swiss companies that are
traded on other major European stock exchanges.
Closed-end funds, unlike open-end funds, are not continuously
offered. Typically, shares of closed-end funds are sold in the open
market through a stock exchange. Shares of closed-end funds
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.
The Fund is managed by Schroder Investment Management North
America Inc.
About Schroder Investment Management North America
Inc.
Schroder Investment Management North America Inc. and Schroder
Investment Management North America Limited, investment advisors
registered with the U.S. SEC, are units of Schroders plc (SDR.L), a
global asset management company with approximately $990.9 billion in assets under management as of
December 31, 2021. Schroder's clients
include major financial institutions including banks and insurance
companies, as well as local and public authorities, public and
private pension funds, endowments and foundations, intermediaries
and advisors, as well as high net worth individuals and retail
investors. The firm has built one of the largest networks of
offices of any dedicated asset management company with more than
500 portfolio managers and analysts covering the world's investment
markets, offering a comprehensive range of products and
services.
Schroder Investment Management North America Inc. provides asset
management products and services to clients in the U.S. and
Canada. Schroder Investment
Management North America Inc. is an indirect, wholly-owned
subsidiary of Schroders plc, a U.K. public company with shares
listed on the London Stock Exchange.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of the Fund's
shares in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction
Contact:
Jennifer Brogadir
212-641-3863
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SOURCE The Swiss Helvetia Fund, Inc.