BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. Announces Final Results Of Quarterly Tender Offer For Up To 2.5% Of The Fund's Issued And Outstanding Shares Of Common Stock
Portfolio Pulse from Benzinga Newsdesk
BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. announced the final results of its oversubscribed quarterly tender offer for 2.5% of its shares, with a pro-rata repurchase at $88.44 per share. The Fund also outlined tentative dates for 2024's quarterly tender offers, subject to Board approval. Future tender offers are at the Board's discretion, based on recommendations from BNY Mellon Investment Adviser and Alcentra, and may be amended, suspended, or terminated at any time.
November 15, 2023 | 6:16 pm
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BNY Mellon, through its Alcentra Global Multi-Strategy Credit Fund, completed an oversubscribed tender offer for 2.5% of its shares at $88.44 each and announced tentative dates for 2024's tender offers, which are subject to Board approval and may change.
The completion of the tender offer is a routine corporate action and is unlikely to have a significant short-term impact on BNY Mellon's stock price. However, the announcement provides shareholders with information on potential future liquidity events. The oversubscription indicates a healthy demand for the shares, which could be seen as a positive sign, but since the tender offer is a small percentage of the total shares and is a planned event, the impact is likely to be neutral.
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