BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. announces an Equity Buyback for 51, 490 shares, representing 2.5% of its issued and outstanding share capital.
April 17, 2023 at 05:00 am
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BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. announces a share repurchase program. Under the offer, the fund will repurchase up to 51,490 shares, representing 2.5% of its issued and outstanding share capital as of March 31, 2023. The shares will be repurchased at a par value $82.80 per share. The purpose of the offer is to provide liquidity to the shareholders since there is no current public market for shares. The repurchased shares will be available for issuance. The repurchased shares will be paid in cash available from cash on hand or by sell of portfolio securities if any additional cash is needed. If shares tendered are more than the number of shares offered for repurchase then the company will purchase duly tendered Shares from participating shareholders on a pro rata basis in accordance with the number of shares tendered by each stockholder and not timely withdrawn. The offer will expire on May 12, 2023, unless extended. As of March 31, 2023, there were 2,059,605 Shares issued and outstanding.
Georgeson LLC acted as information agent and Computershare Trust Company, N.A. acted as depositary to the company.
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (the Fund) is a closed-end management investment company. The Fundâs investment objectives are to seek high current income and to return. Under normal market conditions, the fund invests at least 80% of its managed assets in credit instruments and other investments with similar economic characteristics. Such credit instruments include: first lien secured floating rate loans, as well as investments in participations and assignments of such loans; second lien, senior unsecured, mezzanine and other collateralized and uncollateralized subordinated loans; corporate debt obligations other than loans; and structured products, including collateralized bond, loan and other debt obligations, structured notes and credit-linked notes. The Fund focuses its investments on credit instruments of United States and European companies. The Fundâs investment adviser is BNY Mellon Investment Adviser, Inc.
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. announces an Equity Buyback for 51, 490 shares, representing 2.5% of its issued and outstanding share capital.