DENVER, Nov. 5, 2020 /PRNewswire/ -- Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the Fund) announced that it agreed to issue and sell an aggregate principal amount of $225 million of senior unsecured notes (Notes) in a private placement to certain "accredited investors" pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
An aggregate principal amount of $225 million of the Notes was issued on November 5, 2020, in three series with maturities of 10-, 12-, and 15-years. Fitch Ratings assigned long term ratings of "A" to each series of Notes on November 5, 2020.
"The successful issuance of these Notes provides Fund shareholders with an opportunity to benefit from the current interest rate environment and opportunities that present themselves in the market," said Joel Looney, President and Portfolio Manager of the Fund, and President and Assistant Investment Officer of Rocky Mountain Advisers, LLC (RMA), sub-adviser to the Fund. Looney continued, "With its disciplined investment philosophy, RMA will attempt to take advantage of market volatility to benefit Fund shareholders."
The 10-, 12-, and 15-year series will pay interest semi-annually at the rate of 2.62%, 2.72%, and 2.87%, respectively. Interest on the Notes is payable semiannually, on the 5th day of May and November in each year, commencing on May 5, 2021. The proceeds from the Notes will be used for making new portfolio investments and for general corporate purposes.
"The success of this transaction is a testament to the prudent investment discipline of the Fund's portfolio management," said Laton Spahr, President of ALPS Advisors, Inc., investment adviser to the Fund. He continued, "We believe the opportunity for the Fund to issue long term notes at attractive rates has the potential to accrue to the benefit of Fund shareholders."
Notes Issuance Total Principal by Series
$85 Million 10-year Bullet Notes Due November 5, 2030
$85 Million 12-year Bullet Notes Due November 5, 2032
$55 Million 15-year Bullet Notes Due November 5, 2035
The Notes will not be and have not been registered under the Securities Act or any state securities laws and may not be offered or sold absent registration under the Securities Act, or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Except for the historical information and discussions contained herein, certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as, "achieve", "anticipate", "assume", "believe", "continue", "current", "estimate", "expect", "forecast", "future", "indicate", "intend", "intention", "likely", "maintain", "opportunity", "outlook", "plan", "position", "potential", "predict", "project", "remain", "seek", "sustain", "target", "trend" or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Actual future results or occurrences could differ materially from those anticipated in any forward-looking statements and future results could differ materially from historical performance. Such risks and uncertainties include, but are not limited to: market developments; legal and regulatory developments; and other additional risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Fund and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.
Boulder Growth & Income Fund, Inc. is a non-diversified closed-end investment company traded on the New York Stock Exchange under the trading symbol "BIF". As of October 28, 2020, the Fund's NAV was $11.71 per share and the closing market price was $9.50 (a -18.87% discount to NAV). For more information on the Fund, please visit the Fund's webpage at www.bouldercef.com. The
Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value.
About SS&C | ALPS Advisors
SS&C ALPS Advisors, Inc., a wholly-owned subsidiary of SS&C Technologies, Inc., is a leading provider of investment products for advisors and institutions. Headquartered in Denver, CO with over $12 billion under management as of September 30, 2020, ALPS Advisors is an open architecture boutique investment manager offering portfolio building blocks, active insight, and an unwavering drive to guide clients to investment outcomes across sustainable income, thematic and alternative growth strategies. For more information, visit www.alpsfunds.com/.
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.
Rocky Mountain Advisers, LLC
RMA is an investment adviser registered with the SEC based out of Kansas. More information about RMA is available at www.bouldercef.com as well as the SEC's investment adviser search website at www.adviserinfo.sec.gov.
ALPS Portfolio Solutions Distributor, Inc., FINRA Member.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
SOURCE Boulder Growth & Income Fund, Inc.