Highland Credit Strategies Fund has completed the merger of Highland Distressed Opportunities into HCF Acquisition, a wholly-owned subsidiary of HCF.
Highland Credit Strategies Fund has completed the merger of Highland Distressed Opportunities into HCF Acquisition, a wholly-owned subsidiary of HCF.
HCF Acquisition will subsequently dissolve and liquidate and transfer its assets to HCF.
The merger was based on HCD’s and HCF’s relative net asset values as of 4pm on 12 June 2009.
HCD reported a net asset value per share of USD2.90 and HCF reported a net asset value per share of USD6.28.
The resulting conversion ratios were calculated as 0.46133 common shares of HCF for each share of common stock of HCD.
HCD common stockholders will subsequently receive cash payments in lieu of fractional HCF shares other than with respect to shares held in the dividend reinvestment plan.
Highland Credit Strategies Fund is a non-diversified, closed-end management investment company. The trust’s investment objectives are to provide both current income and capital appreciation. It seeks to primarily invest in secured and unsecured floating and fixed rate loans, bonds and other debt obligations, debt obligations of stressed, distressed and bankrupt issuers, structured products and equities.
