Babson Capital Launches Global Short Duration High Yield Fund
October 26 2012 - 3:30AM
Business Wire
Babson Capital Management LLC today announced the successful
completion of the initial public offering of the Babson Capital
Global Short Duration High Yield Fund (the “Fund”). The Fund will
invest primarily in short-duration, global high yield bonds with
the objective of seeking as high a level of current income as
Babson Capital determines is consistent with capital preservation,
with a secondary objective of capital appreciation. The Fund began
trading on the New York Stock Exchange today under the symbol
“BGH.”
The Fund raised $462.5 million in its common share offering,
excluding the underwriters’ option to purchase additional shares.
BofA Merrill Lynch and Wells Fargo Securities served as lead
managers of the common share underwriting syndicate.
“Babson Capital believes BGH can provide investors with an
attractive yield while helping to mitigate the risk of rising
interest rates,” said Russell D. Morrison, Managing Director and
head of Babson Capital’s Global High Yield Investments Group. “In
addition, the Fund’s strategy leverages Babson Capital’s experience
as a time-tested, fundamental bottom-up manager, and the depth of
our Global High Yield team.” Babson Capital’s Global High Yield
Investments Group manages over $28 billion in client assets and
employs 70 investment professionals including 43 based in the U.S.
and 27 in Europe.
After the successful build-out of its global institutional
distribution capabilities, Babson Capital is extending its reach to
retail and high net worth investors. “We have found that both
institutional and retail investors are seeking access to our
investment platforms where we focus on finding relative value
across global markets,” said Anthony Sciacca, Managing Director and
Head of the Global Business Development Group at Babson Capital.
“We will continue to listen to investors and provide solutions that
meet their investment needs.”
Because the Fund is newly organized, its shares have no history
of public trading. Investors should read the Fund’s prospectus and
consider carefully the risks, investment objectives, charges and
expenses associated with an investment in the Fund’s common shares.
For a copy of the prospectus, please contact your securities
representative.
About Babson Capital
Babson Capital Management LLC and its subsidiaries serve
institutional investors around the globe and have over $153 billion
in assets under management as of September 30, 2012. Through
proprietary research and a focus on investment fundamentals, we
develop products and strategies that leverage our broad array of
expertise in global corporate debt markets, structured products,
debt and equity financing for commercial real estate, and
alternatives. Headquartered in Boston, the firm’s subsidiaries
include Cornerstone Real Estate Advisers LLC and Wood Creek Capital
Management, LLC. Babson Capital is a member of the MassMutual
Financial Group and is on the web at www.BabsonCapital.com.
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