Two Pimco funds announce tender offers for auction-rate preferreds

By Angela McDaniels

Tacoma, Wash., Oct. 16 – Pimco High Income Fund and Pimco Corporate & Income Strategy Fund plan to hold tender offers for their respective auction-rate preferred shares, according to a news release.

Holders will receive 83% of the $25,000 liquidation preference, or $20,750 per share, for Pimco High Income Fund’s auction-rate preferreds and 82.5% of the $25,000 liquidation preference, or $20,625 per share, for Pimco Corporate & Income Strategy Fund’s auction-rate preferreds

The funds will also pay accrued dividends through the expiration date of the tender offers.

The funds expected to begin the tender offers on or about Oct. 16.

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

Pimco is an investment management firm that is based in New York and owned by Allianz SE, a Munich-based financial services provider.

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