Several Pimco funds tender for all auction-rate preferred shares

By Wendy Van Sickle

Columbus, Ohio, Aug. 14 – Pimco Corporate & Income Opportunity Fund (PTY), Pimco Corporate & Income Strategy Fund (PCN), Pimco Income Strategy Fund (PFL), Pimco Income Strategy Fund II (PFN), Pimco High Income Fund (PHK), Pimco California Municipal Income Fund (PCQ), Pimco California Municipal Income Fund II (PCK), Pimco California Municipal Income Fund III (PZC), Pimco Municipal Income Fund (PMF), Pimco Municipal Income Fund II (PML), Pimco Municipal Income Fund III (PMX), Pimco New York Municipal Income Fund (PNF), Pimco New York Municipal Income Fund II (PNI) and Pimco New York Municipal Income Fund III are tendering for all of their outstanding auction-rate preferred shares, according to a news release.

The purchase price is 96% for PTY, 93.25% for PCN and PHK, 94.25% for PFL and PFN, and 94.5% for PCQ, PCK, PZC, PMF, PML, PMX, PNF, PNI and PYN of the preferreds per share liquidation preference of $25,000 per share, or $24,000 per share for PTY, $23,312.50 per share for PCN and PHK, $23,562.50 per share of PFL and PFN, and $23,625 per share for PCQ, PCK, PZC, PMF, PML, PMX, PNF, PNI and PYN.

Holders who participate will also receive accrued dividends through the expiration date of 5 p.m. ET on Sept. 18.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.