New America High Income Fund will continue its reorganization with and within T. Rowe Price High Yield Fund, subject to shareholder approval
NEW YORK, August 8, 2024–(BUSINESS WIRE)–Saba Capital Management, L. P. (together with certain of its affiliates, “Saba” or “we”), announced that it has entered into a receivership agreement with The New America High Income Fund (NYSE: HYB) (the “Fund”).
Under the terms of the agreement, The New America High Income Fund will be reorganized, subject to shareholder approval, with and within T. Rowe Price High Yield Fund, Inc. (Nasdaq: PRHYX), an open-ended investment company registered under the Investment Company Act of 1940.
The terms of the agreement also provide for Saba to withdraw its goal of nominating Americans who will be elected at the Fund’s annual shareholder meeting in 2024.
Paul Kazarian, Partner and Portfolio Manager at Saba, commented:
“Saba is pleased to have reached this agreement through constructive engagement with the Fund’s Board of Directors. Shareholders would benefit from the proposed reorganization contemplated through the agreement, as it would eliminate the Fund’s advertising reduction and reduce control prices for shareholders. “
About Saba Capital
Saba Capital Management, L. P. is a global asset management company of choice that seeks to generate impressive risk-adjusted returns for a diverse client organization. Founded in 2009 through Boaz Weinstein, Saba is a pioneer in credit and capital design arbitrage methods. based in New York City. Learn more about www. sabacapital. com.
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Contacts
Longacre Square PartnersCharlotte Kiaie / Kate Sylvester, 646-386-0091ckiaie@longacresquare. com / ksylvester@longacresquare. com