AllianzGI Convertible & Income Fund II Announces the Offering of $109.0 Million of 5.50% Series A Cumulative Preferred Shares
NEW YORK--(BUSINESS WIRE)--Sep 4, 2018--Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), the investment manager of AllianzGI Convertible & Income Fund II (NYSE: NCZ) announced today the pricing of an offering of 4.36 million 5.50% Series A Cumulative Preferred Shares (the “Series A Cumulative Preferred Shares”) with an aggregate liquidation value of $109.0 million. The offering is expected to close on Tuesday, September, 11, 2018, subject to various terms and conditions. Wells Fargo Securities and RBC Capital Markets are acting as underwriters for the placement on a firm commitment basis.
The Fund expects to use all or substantially all of the proceeds from the offering to refinance existing leverage.
The Series A Cumulative Preferred Shares are perpetual, non-callable for five years, and have a liquidation preference of $25.00 per share. Dividends are to be paid at an annual rate of 5.50% are expected to be paid in cash on a quarterly basis, beginning October 1, 2018, with the first such payment pro-rated from the date of issuance. The Series A Cumulative Preferred Shares have received a long-term rating of “AAA” from Fitch Ratings.
The Series A Cumulative Preferred Shares are expected to commence trading on the New York Stock Exchange (“NYSE”) under the symbol “NCZ PR A” within thirty days of the date of issuance.
This press release is not an offer to sell any security. Investors should consider the Fund’s investment objective, risks, charges, and expenses carefully before investing. The Fund’s prospectus supplement relating to the Series A Preferred Shares and the Fund’s current base prospectus contain this and additional information about the AllianzGI Convertible & Income Fund II and the Series A Preferred Shares, and should be read carefully before investing. Visit us.allianzgi.com for more information about the Fund.
About Allianz Global Investors:
Allianz Global Investors is a leading active asset manager with over 700 investment professionals* in 25 offices worldwide and managing more than $630 billion in assets for individuals, families and institutions.
Active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.
Active is: Allianz Global Investors
Data as of March 31, 2018 (*as of December 31, 2017).
AllianzGI U.S., an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P., serves as the Funds’ investment manager and is a member of Munich-based Allianz Group.
The Fund’s daily New York Stock Exchange closing market price for its common shares, net asset value per common share, as well as other information, including updated portfolio statistics and performance are available at https://us.allianzgi.com/closedendfunds or by calling the Funds’ shareholder servicing agent at (800) 254-5197.
Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product.
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CONTACT: Allianz Global Investors U.S. LLC
Robin Pertusi, 212-739-3172
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Allianz Global Investors U.S. LLC
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PUB: 09/04/2018 10:46 PM/DISC: 09/04/2018 10:46 PM