Western Asset Global Corporate Defined Opportunity Fund Inc. Announces Tender Offer Details
August 02 2024 - 7:00AM
Business Wire
Western Asset Global Corporate Defined Opportunity Fund Inc.
(NYSE: GDO) (the “Fund”) announced today additional details
concerning its previously announced cash tender offer for up to
100% of such Fund’s outstanding shares of common stock (“Shares”)
at a price per share equal to 100% of the Fund’s net asset value
per Share on the day on which the tender offer expires (the
“Offer”). The Fund expects the Offer to commence on or about
September 3, 2024, with an expiration time of 5:00 p.m., New York
City time, on or about October 1, 2024, unless extended. To ensure
the Fund can pay proceeds for repurchased Shares promptly after the
expiration of the Offer, the Fund intends to reposition its
portfolio in an orderly manner in advance of the expiration of the
Offer.
As previously announced on June 11, 2024, stockholders approved
the proposal to convert the Fund to a perpetual fund by eliminating
the Fund’s term, which was scheduled to end at the close of
business on December 2, 2024, and eliminating the Fund’s
fundamental policy to liquidate on or about December 2, 2024.
As a result of the proposal’s approval, the following in
addition to the Offer will occur:
- If the Fund maintains at least $50 million of net assets
following the Offer, the Fund will change its name from “Western
Asset Global Corporate Defined Opportunity Fund Inc.” to “Western
Asset Global Corporate Opportunity Fund Inc.” The Fund’s ticker
symbol will remain “GDO”. The Fund’s CUSIP, 95790C107, will not
change.
- If less than $50 million of net assets remain in the Fund
following the Offer, the Offer will be cancelled and the Fund will
proceed to liquidate on or about December 2, 2024 without further
action by stockholders; and
- The Fund’s investment manager has agreed to waive 10 basis
points (0.10%) of its annual management fee (the “Fee Waiver”) for
a period of two years following the proposal’s approval. The Fee
Waiver will terminate on June 10, 2026.
The Fund has not commenced the Offer described in this release.
This announcement is not a recommendation, an offer to purchase or
a solicitation of an offer to sell shares of the Fund and the above
statements are not intended to constitute an offer to participate
in any tender offer. Information about the Offer will be provided
by future public announcements. Stockholders will be notified in
accordance with the requirements of the Securities Exchange Act of
1934, as amended, and the Investment Company Act of 1940, as
amended, either by publication or mailing or both. The Offer will
be made only by an offer to purchase, a related letter of
transmittal, and other documents to be filed with the SEC.
STOCKHOLDERS OF THE FUND SHOULD READ THE OFFER TO PURCHASE AND
TENDER OFFER STATEMENT AND RELATED EXHIBITS WHEN THOSE DOCUMENTS
ARE FILED AND BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE OFFER. These and other filed documents
will be available to investors for free both at the website of the
SEC and from the Fund. There can be no assurance that any Share
repurchase will reduce or eliminate the discount of market price
per Share to net asset value per Share for the Fund.
About the Fund
The Fund is a non-diversified, limited-term, closed-end
management investment company managed by Franklin Templeton Fund
Adviser, LLC (formerly known as Legg Mason Partners Fund Advisor,
LLC) and is sub-advised by Western Asset Management Company, LLC
(“Western Asset”), Western Asset Management Company Pte. Ltd.
(“Western Asset Singapore”), Western Asset Management Company Ltd
(“Western Asset Japan”) and Western Asset Management Company
Limited (“Western Asset London”) are the Fund’s subadvisers. FTFA,
Western Asset, Western Asset Singapore, Western Asset Japan and
Western Asset London are indirect, wholly-owned subsidiaries of
Franklin Resources, Inc.
This press release may contain statements regarding plans and
expectations for the future that constitute forward-looking
statements within the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on the Fund’s
current plans and expectations and are subject to risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Additional
information concerning such risks and uncertainties is contained in
the Fund’s filings with the SEC.
For more information about the Fund, please call Fund Investor
Services: 1-888-777-0102, or consult the Fund’s web site at
www.franklintempleton.com/investments/options/closed-end-funds. The
information contained on the Fund’s web site is not part of this
press release. Hard copies of the Fund’s complete audited financial
statements are available free of charge upon request.
About Franklin Templeton
Franklin Resources, Inc. is a global investment management
organization with subsidiaries operating as Franklin Templeton and
serving clients in over 150 countries. Franklin Templeton’s mission
is to help clients achieve better outcomes through investment
management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers
specialization on a global scale, bringing extensive capabilities
in fixed income, equity, alternatives and multi-asset solutions.
With more than 1,500 investment professionals, and offices in major
financial markets around the world, the California-based company
has over 75 years of investment experience and over $1.6 trillion
in assets under management as of June 30, 2024. For more
information, please visit franklintempleton.com and follow us on
LinkedIn, X and Facebook.
Category: Fund Announcement
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
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version on businesswire.com: https://www.businesswire.com/news/home/20240802431538/en/
Investor Contact: Fund Investor Services 1-888-777-0102
Media Contact: Lisa Tibbitts +1 (904) 942-4451
Lisa.Tibbitts@franklintempleton.com
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