Five Pimco funds announce tender results for auction-rate preferreds

By Wendy Van Sickle

Columbus, Ohio, July 26 – Pimco Corporate & Income Opportunity Fund (PTY), Pimco Corporate & Income Strategy Fund (PCN), Pimco Income Strategy Fund (PFL), Pimco Income Strategy Fund II (PFN) and Pimco High Income Fund (PHK) announced the final results of the tender offers for all of their outstanding auction-rate preferred shares on Friday.

The tenders started on June 25 and expired at 5 p.m. ET on July 25.

The following amounts were accepted:

• PTY accepted for payment 1,012 auction-rate preferred shares, or about 10.63% of its outstanding preferreds;

• PCN accepted for payment 1,280 auction-rate preferred shares, or about 57.63% of its outstanding preferreds’

• PFL accepted for payment 243 auction-rate preferred shares, or about 11.85% of its outstanding preferreds;

• PFN accepted for payment 201 auction-rate preferred shares, or about 5.44% of its outstanding preferreds; and

• PHK accepted for payment 1,757 auction-rate preferred shares, or about 43.07% of its outstanding preferreds.

The purchase price is 87% for PCN, PFL and PFN, 88% for PHK and 93% for PTY of the preferreds’ per share liquidation preference of $25,000 per share, or $21,750 per share for PCN, PFL and PFN, $22,000 per share for PHK and $23,250 per share for PTY.

Holders will also receive accrued dividends through the expiration date.

Deutsche Bank Trust Co. Americas (877 843-9767) is the tender agent.

Pimco is a Newport Beach, Calif.-based investment manager.

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