Calamos Announces Planned Completion of Outstanding Auction Rate Preferred Security (ARPS) Refinancing
- When complete, Calamos becomes the largest issuer to-date to refinance
100 percent of its funds' outstanding auction rate preferred securities
(ARPS).
- Calamos Strategic Total Return Fund (NYSE: CSQ) to refinance remaining
$200 million of ARPS.
- Calamos Convertible Opportunities and Income Fund (NYSE: CHI) to
refinance remaining $104 million of ARPS.
- Calamos Convertible and High Income Fund (NYSE: CHY) to refinance
remaining $80 million of ARPS.
- Calamos Global Dynamic Income Fund (NYSE: CHW) to refinance remaining
$50 million of ARPS.
- Redemption dates and other specifics to be announced shortly.
NAPERVILLE, Ill., May 19 /PRNewswire/ -- Calamos Investments (Nasdaq:
CLMS) announced today that it has received Board approval and intends to
complete refinancing of all outstanding auction rate preferred securities
(ARPS) for Calamos Convertible Opportunities and Income Fund (NYSE: CHI),
Calamos Convertible and High Income Fund (NYSE: CHY), Calamos Global Dynamic
Income Fund (NYSE: CHW) and Calamos Strategic Total Return Fund (NYSE: CSQ).
All outstanding ARPS of Calamos Global Total Return Fund (NYSE: CGO) were
redeemed in May 2008. With this final step, Calamos will have refinanced 100
percent of its $2.3 billion of outstanding ARPS across its five closed-end
funds. All Calamos' refinancings to date, as well as the planned refinancing,
have utilized attractively priced debt facilities.
"Our plans to complete the refinancing of our funds' auction rate
preferred securities are finalized," stated John P. Calamos, Sr., chairman,
chief executive officer and co-chief investment officer of Calamos Asset
Management. "We've been diligent in ensuring that the refinancing approaches
used in connection with the redemption of the ARPS were in the best interests
of all of our closed-end fund shareholders. We're proud to be the largest
issuer to-date to announce the planned refinancing of all our outstanding
ARPS."
Calamos will release details in the near future around the timing of the
refinancing of each fund and its respective series. Currently, the company
anticipates that redemptions will occur across the four funds over the course
of the next few months.
About Calamos Asset Management, Inc.
Calamos Asset Management, Inc. is a globally diversified investment firm
offering equity, fixed-income, convertible and alternative investment
strategies, among others. The firm serves institutions and individuals around
the world via separately managed accounts and a family of open-end and
closed-end funds, providing a risk-managed approach to capital appreciation
and income-producing strategies. For more information, visit www.calamos.com
From time to time, information or statements provided by us, including
those within this news release, may contain certain forward-looking statements
relating to future events, future transactions, future financial performance,
future potential costs, expectations, the competitive and regulatory
environment and future market conditions. Forward-looking statements are based
on information available at the time those statements are made and/or
management's good faith belief as of that time with respect to future events,
and are subject to risks and uncertainties that could cause actual performance
or results to differ materially from those expressed in or suggested by the
forward-looking statements. Such risks and uncertainties include, but are not
limited to: catastrophic or unpredictable events, changing costs of leverage,
strategy implementation obstacles, fluctuations in the financial markets and
the competitive conditions in the fund, asset management and broader financial
services sectors and other risks inherent in the financial and trading
markets, including liquidity issues.
SOURCE: Calamos Asset Management, Inc.
CONTACT: Julie Crothers, or Christine Jacobs, both of Edelman,
+1-312-240-2942, calamosmedia@edelman.com,
for Calamos Asset Management, Inc.
Web Site: http://www.calamos.com