DALLAS, July 10, 2019 /PRNewswire/ -- Highland
Capital Management Fund Advisors, L.P. (together with its
affiliates "Highland") announced today that the Highland Global
Allocation Fund (NYSE:HGLB) (the "Fund") has completed $10 million in repurchases of the Fund's
shares.
"The Fund's repurchase program represents our commitment to
enhancing shareholder value and our conviction in the portfolio,"
said Dustin Norris, head of
distribution and chief product strategist. "We expect the
repurchases at a discount to NAV to result in a gain of
approximately $2.3 million and save
an estimated $1.2 million annually in
dividends and expenses."
The repurchase program began following the conversion of the
Fund from an open-end fund to a closed-end fund, which took place
in February.
The program, which was authorized by the Board of Trustees of
the Fund (the "Board") ahead of the conversion, provides a
six-month time period following the conversion for the Fund to
carry out repurchases. As such, the Fund may repurchase additional
shares during the third quarter, with the ability to repurchase up
to 5% of outstanding shares in total under the program.
About Highland Capital Management Fund Advisors, L.P.
Highland Capital Management Fund Advisors, L.P. is an affiliated
adviser of Highland Capital Management, L.P. (together with its
affiliates "Highland"), a multibillion-dollar global alternative
investment manager. A pioneer in the leveraged loan market, the
firm has evolved over 25 years, building on its credit expertise
and value-based approach to expand into other asset classes. Today,
Highland operates a diverse investment platform, serving both
institutional and retail investors worldwide. In addition to high
yield credit, Highland's investment capabilities include public
equities, real estate, private equity and special situations,
structured credit, and sector- and region-specific verticals built
around specialized teams. For more information visit
www.highlandfunds.com.
Investors should consider the investment objectives,
risks, charges and expenses of the Highland Global Allocation Fund
carefully before investing. This and other information can be found
in the Fund's prospectus, which may be obtained by calling
1-800-357-9167 or
visiting www.highlandfunds.com.
Please read the prospectus carefully before you invest.
Shares of closed-end investment companies frequently trade at a
discount to net asset value. The price of the Fund's shares is
determined by a number of factors, several of which are beyond the
control of the Fund. Therefore, the Fund cannot predict whether its
shares will trade at, below or above net asset value. Past
performance does not guarantee future results.
Media Contact
Lucy
Bannon
lbannon@highlandcapital.com
1-972-419-6272
View original content to download
multimedia:http://www.prnewswire.com/news-releases/highland-global-allocation-fund-completes-10-million-in-share-repurchases-300882375.html
SOURCE Highland Capital Management Fund Advisors, L.P.