Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, April 1, 4:02 PM
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Slide #146. The Highland Income Fund — Preferred Stock Offering
The Highland Income Fund (NYSE:HFRO)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
The Highland Income Fund (NYSE: HFRO) ("HFRO" or the "Fund") announced today the pricing of an offering of 5.4 million 5.375% Series A Cumulative Preferred shares (NYSE: HFRO.PR.A) with an aggregate liquidation value of $135 million. Additionally, Highland Capital Management Fund Advisors, L.P., the Fund's adviser, granted the underwriters a 30-day option to purchase up to an additional $20.25 million to cover any overallotments. The offering is expected to close on Thursday, August 1, 2019, subject to customary closing conditions.
Highland Income is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide current income consistent with preservation of capital by investing in floating rate loans and other securities deemed to be floating rate investments; securities or other instruments secured by real estate including real estate investment trusts, preferred equity, securities convertible into equity securities and mezzanine debt; and other instruments, including secured and unsecured fixed-rate loans and corporate bonds, distressed securities, mezzanine securities, structured products, convertible and preferred securities, equities, and futures and options.
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