Certain PIMCO Closed-End Funds Announce Tender Offers for Auction Rate Preferred Shares
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NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- PIMCO Corporate & Income Strategy Fund (NYSE: PCN), PIMCO High Income Fund (NYSE: PHK), PIMCO Income Strategy Fund (NYSE: PFL), PIMCO Income Strategy Fund II (NYSE: PFN), PIMCO Corporate & Income Opportunity Fund (NYSE: PTY), PIMCO California Municipal Income Fund (NYSE: PCQ), PIMCO California Municipal Income Fund II (NYSE: PCK), PIMCO California Municipal Income Fund III (NYSE: PZC), PIMCO Municipal Income Fund (NYSE: PMF), PIMCO Municipal Income Fund II (NYSE: PML), PIMCO Municipal Income Fund III (NYSE: PMX), PIMCO New York Municipal Income Fund (NYSE: PNF), PIMCO New York Municipal Income Fund II (NYSE: PNI) and PIMCO New York Municipal Income Fund III (NYSE: PYN) (each, a “Fund” and, together, the “Funds”) today announced that each Fund has commenced a voluntary tender offer (each, a “Tender Offer” and, together, the “Tender Offers”) for up to 100% of its outstanding auction rate preferred shares (“ARPS”) at the following percentages of the ARPS’ per share liquidation preference of $25,000 per share (plus any unpaid dividends accrued through the expiration date of the Tender Offer):
| Fund | NYSE Ticker | Tender Price | ||
| Percentage | Dollar Amount | |||
| PIMCO Corporate & Income Strategy Fund | PCN | 94.25% | $23,562.50 | |
| PIMCO High Income Fund | PHK | 94.25% | $23,562.50 | |
| PIMCO Income Strategy Fund | PFL | 96% | $24,000 | |
| PIMCO Income Strategy Fund II | PFN | 96% | $24,000 | |
| PIMCO Corporate & Income Opportunity Fund | PTY | 98% | $24,500 | |
| PIMCO California Municipal Income Fund | PCQ | 98% | $24,500 | |
| PIMCO California Municipal Income Fund II | PCK | 98% | $24,500 | |
| PIMCO California Municipal Income Fund III | PZC | 98% | $24,500 | |
| PIMCO Municipal Income Fund | PMF | 98% | $24,500 | |
| PIMCO Municipal Income Fund II | PML | 98% | $24,500 | |
| PIMCO Municipal Income Fund III | PMX | 98% | $24,500 | |
| PIMCO New York Municipal Income Fund | PNF | 98% | $24,500 | |
| PIMCO New York Municipal Income Fund II | PNI | 98% | $24,500 | |
| PIMCO New York Municipal Income Fund III | PYN | 98% | $24,500 | |
Each Fund's Tender Offer will expire at 5:00 P.M., New York City Time, on April 12, 2024, unless the Tender Offer is extended. Each Fund may consider in the future, based upon circumstances existing at such time, what action, if any, to take with respect to any ARPS that remain outstanding after its Offer. PIMCO may recommend, and the Funds’ Boards may determine, at any time to conduct additional tender offers at higher or lower prices or to redeem the ARPS at liquidation preference based on their assessment of market conditions and other factors.
This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell ARPS of the Funds. The Funds have filed with the Securities and Exchange Commission a tender offer statement on Schedule TO and related exhibits, including an offer to purchase, a related letter of transmittal and other related documents (the “Tender Offer Documents”). Each Fund’s Tender Offer is conditioned on certain conditions as set forth in the Tender Offer Documents. The Tender Offer Documents will be sent electronically to holders of the ARPS. ARPS holders of a Fund may obtain additional copies of the Tender Offer Documents for such Fund, without charge, by contacting the Information Agent for the Tender Offers, EQ Fund Solutions, LLC, at (877) 478-5044. ARPS holders can also obtain the Tender Offer Documents free of charge on the Securities and Exchange Commission’s website at www.sec.gov. ARPS holders should read these documents and related exhibits for the applicable Fund as the documents contain important information about each Fund’s Tender Offer.