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Aberdeen Asia-Pacific Income Fu Message Board

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  • elkman12 elkman12 Apr 18, 2008 1:46 PM Flag

    FAX redeems Auction Rate Preferred, replaces with lower cost financing

    so what is it going to buy us???

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    • The securities at the closed-end fund will be replaced with $600 million in debt financing from a loan syndicate led by Scotia Capital. Last month Aberdeen replaced $30 million in securities using a similar method.

      Closed-end funds have about $64 billion in auction-rate preferred shares outstanding, according to investment firm Thomas J. Herzfeld Advisors Inc. Seller of closed-end funds -- including Nuveen Investments Inc., Eaton Vance Corp. and BlackRock Inc. -- have started to unveil new financing measure

 
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