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Article: LMP Corporate Loan Fund Inc. Announces Actions to Restructure Leverage and Redeem a Portion of its Auction Rate Preferred Shares.
- Article from:
- Business Wire
- Article date:
- June 27, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- LMP Corporate Loan Fund Inc. (NYSE: TLI) announced today actions that would restructure the Fund's leverage and provide liquidity to holders of its auction rate preferred shares ("ARPS") on terms and conditions management and the Board of Directors of the Fund believe are in the best interests of both the common and preferred shareholders of the Fund.
LMP Corporate Loan Fund intends to redeem approximately $50 million, collectively, of its currently outstanding $85 million in Series A and Series B ARPS using borrowings under a new 364-day credit facility to be entered into with a major domestic bank. The amount of the redemption was determined based ...