NEW YORK, August 02, 2024--(BUSINESS WIRE)--Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE: GDO) (the "Fund") announced today additional details concerning its previously announced cash tender offer for up to 100% of such Fund’s outstanding shares of common stock ("Shares") at a price per share equal to 100% of the Fund’s net asset value per Share on the day on which the tender offer expires (the "Offer"). The Fund expects the Offer to commence on or about September 3, 2024, with an expiration time of 5:00 p.m., New York City time, on or about October 1, 2024, unless extended. To ensure the Fund can pay proceeds for repurchased Shares promptly after the expiration of the Offer, the Fund intends to reposition its portfolio in an orderly manner in advance of the expiration of the Offer.

As previously announced on June 11, 2024, stockholders approved the proposal to convert the Fund to a perpetual fund by eliminating the Fund’s term, which was scheduled to end at the close of business on December 2, 2024, and eliminating the Fund’s fundamental policy to liquidate on or about December 2, 2024.

As a result of the proposal’s approval, the following in addition to the Offer will occur:

• If the Fund maintains at least $50 million of net assets following the Offer, the Fund will change its name from "Western Asset Global Corporate Defined Opportunity Fund Inc." to "Western Asset Global Corporate Opportunity Fund Inc." The Fund’s ticker symbol will remain "GDO". The Fund’s CUSIP, 95790C107, will not change.

• If less than $50 million of net assets remain in the Fund following the Offer, the Offer will be cancelled and the Fund will proceed to liquidate on or about December 2, 2024 without further action by stockholders; and

• The Fund’s investment manager has agreed to waive 10 basis points (0.10%) of its annual management fee (the "Fee Waiver") for a period of two years following the proposal’s approval. The Fee Waiver will terminate on June 10, 2026.

The Fund has not commenced the Offer described in this release. This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of the Fund and the above statements are not intended to constitute an offer to participate in any tender offer. Information about the Offer will be provided by future public announcements. Stockholders will be notified in accordance with the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, either by publication or mailing or both. The Offer will be made only by an offer to purchase, a related letter of transmittal, and other documents to be filed with the SEC. STOCKHOLDERS 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 OFFER. These and other filed documents will be available to investors for free both at the website of the SEC and from the Fund. There can be no assurance that any Share repurchase will reduce or eliminate the discount of market price per Share to net asset value per Share for the Fund.