Aberdeen Asia-Pacific Income Fund, Inc. Announces Completion Of Leverage
PHILADELPHIA, June 28, 2013
PHILADELPHIA, June 28, 2013 /PRNewswire/ --Aberdeen Asia-Pacific Income Fund,
Inc. (NYSE MKT: FAX) (the "Fund"), a closed-end fund, today announced the
closing of a private offering of 2 million shares of Series A Mandatory
Redeemable Preferred Shares due 2023 (the "Series A MRPS"). The Series A MRPS,
with a liquidation value of $50 million, are rated "AA" by Fitch Ratings. Net
proceeds from the Series A MRPS will be used to refinance a portion of the
Fund's existing $200 million syndicated revolving credit facility with this
offering, the Fund completes a program of restructuring the Fund's leverage.
(Logo: http://photos.prnewswire.com/prnh/20121106/NE07292LOGO )
The table below summarizes certain key terms of the Fund's current leverage:
($ in millions)
364-day Syndicated Revolving Credit Facility $150 April 9, 2014
7-year Series A Senior Secured Notes $100 June 12, 2020
10-year Series B Senior Secured Notes $100 June 12, 2023
5-year Term Loan A $100 June 11, 2018
3-year Term Loan B $100 June 11, 2016
10-year Series A Mandatory Redeemable Preferred $50 June 27, 2023
"Recognizing the current interest rate environment, the Fund has been able to
not only diversify its borrowing structure by lender, but also lock in an
attractive cost of borrowing and extend the average maturity of the leverage
facility," said Christian Pittard, President of Fund.
The Series A MRPS are not registered under the Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an
applicable exemption from registration.
Closed-end funds are traded on the secondary market through one of the stock
exchanges. The Fund's investment return and principal value will fluctuate so
that an investor's shares may be worth more or less than the original cost.
Shares of closed-end funds may trade above (a premium) or below (a discount)
the net asset value (NAV) of the fund's portfolio. There is no assurance that
the Fund will achieve its investment objective. Past performance does not
guarantee future results.
Investors should consider the Fund's investment objectives, risks, charges and
expenses carefully before investing. A copy of the prospectus for Aberdeen
Asia-Pacific Income Fund, Inc. that contains this and other information about
the Fund may be obtained by calling 800-522-5465. Please read the prospectus
carefully before investing. Investing in the Fund involves risk, including
possible loss of principal.
If you wish to receive this information electronically,
please contact InvestorRelations@aberdeen-asset.com
SOURCE Aberdeen Asia-Pacific Income Fund, Inc.
Contact: Aberdeen Asset Management Inc., Investor Relations, 800-522-5465,
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