Western Asset Management Company

Closed-End Funds Advised or Administered by Legg Mason Partners Fund Advisor, LLC Announce that Franklin Resources, Inc. Acquired Legg Mason, Inc.

Retrieved on:

Friday, July 31, 2020

Banking, Professional services, Finance, Companies, Legg Mason, Corporate finance, Franklin Templeton Investments, Corporations, Western Asset Management Company

Franklin Resources, Inc. (Franklin Resources) and Legg Mason, Inc. (Legg Mason) announced today that Franklin Resources acquired Legg Mason in an all-cash transaction.

Key Points:

Franklin Resources, Inc. (Franklin Resources) and Legg Mason, Inc. (Legg Mason) announced today that Franklin Resources acquired Legg Mason in an all-cash transaction.
As a result of the transaction, Legg Mason Partners Fund Advisor, LLC, Western Asset Management Company, LLC, ClearBridge Investments, LLC and Brandywine Global Investment Management, LLC became indirect, wholly owned subsidiaries of Franklin Resources.
Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton.
Hard copies of the Funds complete audited financial statements are available free of charge upon request.

Western Asset Mortgage Capital Corporation To Report Second Quarter 2020 Financial Results

Retrieved on:

Friday, July 17, 2020

Western Asset Management Company, Mortgage loan, WMC

PASADENA, Calif., July 17, 2020 /PRNewswire/ --Western Asset Mortgage Capital Corporation (the "Company") (NYSE: WMC) today announced that it will release financial results for the second quarter ended June 30, 2020 after the market closes on Wednesday, August 5, 2020.

Key Points:

PASADENA, Calif., July 17, 2020 /PRNewswire/ --Western Asset Mortgage Capital Corporation (the "Company") (NYSE: WMC) today announced that it will release financial results for the second quarter ended June 30, 2020 after the market closes on Wednesday, August 5, 2020.
Individuals interested in participating in the conference call may do so by dialing (866) 235-9914 from the United States, or (412) 902-4115 from outside the United States and referencing "Western Asset Mortgage Capital Corporation."
The transaction is expected to close in the third quarter of 2020 and is subject to customary closing conditions.
Upon completion of the transaction Western Asset Management Company, LLC would become a wholly owned subsidiary of Franklin.

Western Asset Inflation-Linked Opportunities & Income Fund (NYSE: WIW) and Western Asset Premier Bond Fund (NYSE: WEA) (each a “Fund” and together, the “Funds”) Announce Shareholder Approval of New Management and Subadvisory Agreements

Retrieved on:

Wednesday, July 15, 2020

Banking, Professional services, Finance, Financial law, Western Asset Management Company, Legg Mason, Financial risk, Asset management, Companies, Economy of the United States, Economy

The new management and subadvisory agreements will each become effective upon the consummation of the Transaction.

Key Points:

The new management and subadvisory agreements will each become effective upon the consummation of the Transaction.
Each Fund is a diversified closed-end management investment company that is advised by Western Asset Management Company, LLC, an affiliate of Legg Mason, and is sub-advised by each of Western Asset Management Company Limited, Western Asset Management Company Ltd, and Western Asset Management Company Pte.
Additional information concerning such risks and uncertainties are contained in the Funds filings with the Securities and Exchange Commission (the SEC).
Hard copies of each Funds complete audited financial statements are available free of charge upon request.

Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY) Announces Board Approval of Plan Of Liquidation and Dissolution

Retrieved on:

Thursday, July 9, 2020

Banking, Professional services, Finance, Western Asset Management Company, Legg Mason, Finance, Companies, Economy of the United States, Institutional investors, Evergreen Investments, Amundi

Western Asset Variable Rate Strategic Fund Inc. (the Fund) announced today that the Funds Board of Directors (the Board) has approved a plan of liquidation and dissolution of the Fund, subject to stockholder approval of such plan in accordance with Maryland law.

Key Points:

Western Asset Variable Rate Strategic Fund Inc. (the Fund) announced today that the Funds Board of Directors (the Board) has approved a plan of liquidation and dissolution of the Fund, subject to stockholder approval of such plan in accordance with Maryland law.
Based on the recommendations of Legg Mason Partners Fund Advisor, LLC (LMPFA), the Funds investment manager, and Western Asset Management Company, LLC (Western Asset), one of the Funds sub-advisers, the Board believes that liquidation and dissolution of the Fund is in the best interests of the Fund.
In order to allow LMPFA, Western Asset, Western Asset Management Company Limited (Western Asset Limited) and Western Asset Management Company Pte.
The Fund is a non-diversified, closed-end management investment company that is managed by LMPFA, a wholly-owned subsidiary of Legg Mason, and is sub-advised by Western Asset, Western Asset Limited and Western Asset Singapore, affiliates of LMPFA.

Western Asset Middle Market Income Fund Inc. Announces Final Results of Tender Offer

Retrieved on:

Tuesday, July 7, 2020

Banking, Professional services, Finance, Western Asset Management Company, Legg Mason, Net asset value, Economy of the United States, Companies, Investment

Western Asset Middle Market Income Fund Inc. (XWMFX) announced today the final results of its issuer tender offer for up to 2.5% of the outstanding common stock (Shares) or 5,062 Shares of the Fund at a price equal to the Funds net asset value per Share on the day on which the tender offer expired.

Key Points:

Western Asset Middle Market Income Fund Inc. (XWMFX) announced today the final results of its issuer tender offer for up to 2.5% of the outstanding common stock (Shares) or 5,062 Shares of the Fund at a price equal to the Funds net asset value per Share on the day on which the tender offer expired.
Because the number of Shares tendered exceeds 5,062 Shares, the tender offer is oversubscribed.
Any questions about the tender offer can be directed to Georgeson LLC, the information agent for the tender offer, at (866) 431-2110.
Western Asset Middle Market Income Fund Inc., a non-diversified closed-end management investment company, is managed by Legg Mason Partners Fund Advisor, LLC, a wholly-owned subsidiary of Legg Mason, Inc., and is sub-advised by Western Asset Management Company, LLC, an affiliate of the investment manager.

Western Asset Middle Market Debt Fund Inc. Announces Final Results of Tender Offer

Retrieved on:

Tuesday, July 7, 2020

Banking, Professional services, Finance, Western Asset Management Company, Legg Mason, Economy of the United States, Companies, Economy

Western Asset Middle Market Debt Fund Inc. (XWAMX) announced today the final results of its tender offer for up to 10% of the Funds outstanding shares of common stock (Shares) or 11,187 Shares of the Fund at a price equal to the Funds net asset value per Share on the day on which the tender offer expired.

Key Points:

Western Asset Middle Market Debt Fund Inc. (XWAMX) announced today the final results of its tender offer for up to 10% of the Funds outstanding shares of common stock (Shares) or 11,187 Shares of the Fund at a price equal to the Funds net asset value per Share on the day on which the tender offer expired.
Because the number of Shares tendered exceeds 11,187, the tender offer is oversubscribed.
Any questions about the tender offer can be directed to Georgeson LLC, the information agent for the tender offer, at (800) 676-0281.
Western Asset Middle Market Debt Fund Inc., a non-diversified closed-end management investment company, is managed by Legg Mason Partners Fund Advisor, LLC, a wholly-owned subsidiary of Legg Mason, Inc., and is sub-advised by Western Asset Management Company, LLC, an affiliate of the investment manager.

Western Asset Mortgage Capital Corporation Welcomes Lisa Quateman To Board Of Directors

Retrieved on:

Tuesday, June 23, 2020

Companies, Finance, Subprime mortgage crisis, Business, Primary dealers, Western Asset Management Company, UBS, Board of directors

PASADENA, Calif., June 23, 2020 /PRNewswire/ --Western Asset Mortgage Capital Corporation (the "Company") (NYSE: WMC) today announced that Lisa Quateman had been elected as an independent member of its Board of Directors on June 19, 2020, increasing the total number of independent directors to five and the total number of directors to seven.

Key Points:

PASADENA, Calif., June 23, 2020 /PRNewswire/ --Western Asset Mortgage Capital Corporation (the "Company") (NYSE: WMC) today announced that Lisa Quateman had been elected as an independent member of its Board of Directors on June 19, 2020, increasing the total number of independent directors to five and the total number of directors to seven.
"We are delighted to welcome Lisa Quateman to our Board of Directors.
Lisa brings significant knowledge and expertise in the areas of financial services, real estate, regulatory matters and corporate transactions and we look forward to her contribution to our Board and the Company," said James Hirschmann, Chairman of Western Asset Mortgage Capital Corporation.
Upon completion of the transaction Western Asset Management Company, LLC would become a wholly owned subsidiary of Franklin.

Western Asset Global High Income Fund Inc. Announces Plan for Tender Offer

Retrieved on:

Monday, June 22, 2020

Banking, Professional services, Finance, Legg Mason, Western Asset Management Company, Economy of the United States, Companies, Service companies

The Fund will repurchase Shares tendered and accepted in the tender offer in exchange for cash.

Key Points:

The Fund will repurchase Shares tendered and accepted in the tender offer in exchange for cash.
In the event the tender offer is oversubscribed, Shares will be repurchased on a pro rata basis.
Shareholders of the Fund should read the offer to purchase and tender offer statement and related exhibits when those documents are filed and become available, as they will contain important information about the tender offer.
Western Asset Global High Income Fund Inc., a non-diversified, closed-end management investment company, is managed by Legg Mason Partners Fund Advisor, LLC, a wholly-owned subsidiary of Legg Mason, Inc. and is sub-advised by Western Asset Management Company, LLC, an affiliate of the investment manager.

Saba Capital Reaches Agreements with Three Western Asset Closed-End Funds

Retrieved on:

Monday, June 22, 2020

Saba Capital Management, L.P. and certain associated parties (collectively Saba) today issued the following statement regarding agreements with Western Asset Global High Income Fund Inc. (NYSE: EHI), Western Asset High Income Fund II Inc. (NYSE: HIX), and Western Asset High Income Opportunity Fund Inc. (NYSE: HIO) (Western Asset or the Funds).

Key Points:

Saba Capital Management, L.P. and certain associated parties (collectively Saba) today issued the following statement regarding agreements with Western Asset Global High Income Fund Inc. (NYSE: EHI), Western Asset High Income Fund II Inc. (NYSE: HIX), and Western Asset High Income Opportunity Fund Inc. (NYSE: HIO) (Western Asset or the Funds).
We are pleased to have reached these agreements with the Funds Boards, which are the result of ongoing constructive engagement, said Paul Kazarian, Portfolio Manager at Saba.
We believe the agreements will benefit all shareholders by providing them the opportunity to tender their shares at a price close to the Funds respective net asset values.
Under the terms of the agreements, Western Asset Global High Income Fund Inc., Western Asset High Income Fund II Inc., and Western Asset High Income Opportunity Fund Inc. will commence cash tender offers for up to 50%, 35%, and 20%, respectively, of the Funds outstanding shares of common stock at a price per share equal to 99.5% of the Funds respective net asset values (NAV) per share.

Western Asset High Income Fund II Inc. Announces Plan for Tender Offer

Retrieved on:

Monday, June 22, 2020

Banking, Professional services, Finance, Legg Mason, Western Asset Management Company, Economy of the United States, Companies, Service companies

The Fund will repurchase Shares tendered and accepted in the tender offer in exchange for cash.

Key Points:

The Fund will repurchase Shares tendered and accepted in the tender offer in exchange for cash.
In the event the tender offer is oversubscribed, Shares will be repurchased on a pro rata basis.
Shareholders of the Fund should read the offer to purchase and tender offer statement and related exhibits when those documents are filed and become available, as they will contain important information about the tender offer.
Western Asset High Income Fund II Inc., a diversified, closed-end management investment company, is managed by Legg Mason Partners Fund Advisor, LLC, a wholly-owned subsidiary of Legg Mason, Inc. and is sub-advised by Western Asset Management Company, LLC, an affiliate of the investment manager.