Prospect Street(R) Income Shares Inc. Announces Redemption of Auction Rate Cumulative Preferred Shares
10 6์ 2008 - 5:15AM
Business Wire
Prospect Street Income Shares Inc. (the ๏ฟฝFund๏ฟฝ) (NYSE:CNN)
announced today that its Board of Directors approved the full
redemption of the Fund๏ฟฝs outstanding Series T Auction Rate
Cumulative Preferred Shares pursuant to their terms. The redemption
date will be July 16, 2008 and the redemption price will be $25,000
per share, which is equal to the liquidation preference per share.
Highland Capital Management, L.P. (๏ฟฝHighland๏ฟฝ), the Fund๏ฟฝs
investment adviser, is a leading alternative investment management
firm specializing in credit and structured products, with
approximately $37.3 billion in assets under management as of April
30, 2008. Headquartered in Dallas, Texas, Highland manages assets
on behalf of investors around the world with offices in New York
and London. About Prospect Street๏ฟฝ Income Shares Inc. Prospect
Street๏ฟฝ Income Shares Inc. is a diversified, closed-end management
investment company. The Fund๏ฟฝs investment objective is to provide
high current income, with capital appreciation as a secondary
objective. The Fund seeks to primarily invest in debt securities
rated in the four highest categories (Baa/BBB or higher) by an
established rating agency or nonrated debt securities deemed by the
Fund๏ฟฝs investment adviser to be of comparable quality. Highland
Capital Management, L.P. (๏ฟฝHighland๏ฟฝ) has served as Fund๏ฟฝs
investment adviser since 2001. Fund๏ฟฝs shares are listed on the NYSE
under the symbol ๏ฟฝCNN๏ฟฝ. An investment in the Fund is not
appropriate for all investors. No assurance can be given that the
Fund will achieve its investment objectives. Shares of closed-end
investment companies frequently trade at a discount to net asset
value. The price of the Fund๏ฟฝs 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. Statements made in this release
that look forward in time involve risks and uncertainties and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such risks and
uncertainties include, without limitation, the adverse effect from
a decline in the securities markets or a decline in the Fund๏ฟฝs
performance, a general downturn in the economy, competition from
other closed-end investment companies, changes in government policy
or regulation, inability of the Fund๏ฟฝs investment adviser to
attract or retain key employees, inability of the Fund to implement
its investment strategy, inability of the Fund to manage rapid
expansion and unforeseen costs and other effects related to legal
proceedings or investigations of governmental and self-regulatory
organizations. Past performance does not guarantee future results.
Prospect Street Income Shs I (NYSE:CNN)
๊ณผ๊ฑฐ ๋ฐ์ดํฐ ์ฃผ์ ์ฐจํธ
๋ถํฐ 5์(5) 2024 ์ผ๋ก 6์(6) 2024
Prospect Street Income Shs I (NYSE:CNN)
๊ณผ๊ฑฐ ๋ฐ์ดํฐ ์ฃผ์ ์ฐจํธ
๋ถํฐ 6์(6) 2023 ์ผ๋ก 6์(6) 2024
Prospect Street Income Shs I (๋ด์ ์ฆ๊ถ๊ฑฐ๋์)์ ์ค์๊ฐ ๋ด์ค: ์ต๊ทผ ๊ธฐ์ฌ 0
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