JPMorgan Senior Secured Loan Fund says discount triggers put option

By Susanna Moon

Chicago, Feb. 1 – JPMorgan Senior Secured Loan Fund Ltd. said its shares have traded at an average discount of more than 5% to the cumulative income net asset value from Nov. 1 to Jan. 31.

The company’s prospectus makes a commitment for a redemption offer giving shareholders an opportunity to redeem up to 50% of their shares, according to a company news release.

“Buyback powers of 14.99% up to 50% redemption offer if discount exceeds 5% on average over a three-month period to financial year-end on Jan. 31 each year,” according to information posted on the company’s website.

There is a continuation vote at a shareholder meeting to be held in 2017 and every third meeting after that.

For more information, call James Saunders Watson at JPMorgan Funds Ltd. (020 7742 4000) or call Paul Fincham or Robert Naylor at Panmure Gordon (UK) Ltd. (020 7886 2500).

The total fund size is £83,763,747 and the fund aims to provide a high level of income with a potential for capital appreciation from investing in non-investment grade corporate debt instruments. The company will predominantly invest in senior secured loans, along with junior loans and high-yield bonds. The company said it may use borrowing to gear the portfolio to up to 20% of net assets where appropriate.

JPMorgan Chase & Co. is a financial holding company based in New York.

© 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.