Aberdeen Asia-Pacific Income Fund to redeem $600 million of preferred stock, funded by borrowing
Aberdeen Asia-Pacific Income Fund, Inc. has resolved to redeem all nine series of its Auction Market Preferred Stock, with an aggregate liquidation preference of $600 million, and replace it with an equivalent amount of borrowing from a syndicate of major financial institutions. Redemptions are scheduled to run from April 22, 2008 to May 13, 2008, and the company states the redemption remains subject to the approval and completion of financing.
- Aggregate liquidation preference of the AMPS is $600 million across Series A through I
- Redemption price is $25,000 per share plus accrued and unpaid dividends to the Redemption Date
- Redemption dates range from April 22, 2008 (Series B and E) to May 13, 2008 (Series A)
- Redemption is subject to the approval and completion of financing