By Lisa Kerner
Charlotte, N.C., Oct. 6 – AllianzGI Diversified Income & Convertible Fund issued $50 million of senior secured notes due Nov. 22, 2029 and $30 million of mandatory redeemable preferred shares due Sept. 30, 2025.
The notes and preferreds replaced a portion of the company’s short-term borrowings, according to a news release.
Fitch Ratings assigned an AAA rating to the notes and an AA rating to the preferreds.
The fund is a New York-based closed-end management investment company. Its investment objective is to provide total return through a combination of current income and capital appreciation while seeking to provide downside protection against capital loss.
Allianz Global Investors Fund Management LLC is the fund’s investment manager, and Allianz Global Investors U.S. LLC is the sub-adviser.
The fund is part of Munich-based Allianz SE.
| Issuer: | AllianzGI Diversified Income & Convertible Fund
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| Issue: | Senior secured notes, mandatory redeemable preferred shares
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| Amount: | $80 million
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| Distribution: | Private placement
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| Notes
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| Amount: | $50 million
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| Maturity: | Nov. 22, 2029
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| Rating: | Fitch: AAA
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| Preferreds
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| Amount: | $30 million
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| Maturity: | Sept. 30, 2025
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| Rating: | Fitch: AA
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