NexPoint Credit Strategies Fund (NYSE: NHF) (“NHF”) announced today that
its shareholders have approved a new investment advisory agreement to be
entered into by NHF’s subsidiary NexPoint Residential Trust, Inc.
(“NXRT”) in connection with NHF’s proposed spin-off of NXRT. Pursuant to
the advisory agreement, NXRT will be externally managed by NexPoint Real
Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P.
NHF expects the spin-off to be completed by the end of the first quarter
of 2015.
About NexPoint Credit Strategies Fund
NexPoint Credit Strategies Fund is a closed-end fund managed by NexPoint
Advisors, L.P. NHF’s investment objectives are to provide both current
income and capital appreciation. NHF is invested primarily in below
investment grade debt and equity securities and has the ability to hedge
risk. The manager attempts to exceed the return of the Dow Jones Credit
Suisse Hedge Fund Index in a transparent, registered fund format with
monthly dividends. An investment in NHF is not appropriate for all
investors. No assurance can be given that NHF will achieve its
investment objectives.
Shares of closed-end investment companies frequently trade at a discount
to net asset value. The price of NHF’s shares is determined by a number
of factors, several of which are beyond the control of NHF. Therefore,
NHF cannot predict whether its shares will trade at, below or above net
asset value. Past performance does not guarantee future results. More
information about NexPoint Credit Strategies Fund is available at www.nexpointadvisors.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on
management's current expectations, assumptions and beliefs about the
spin-off. Forward-looking statements can often be identified by words
such as "expects," "will,” similar expressions, and variations or
negatives of these words. These forward-looking statements include, but
are not limited to, statements regarding the anticipated timing of the
spin-off and the management of NXRT following the spin-off. They are not
guarantees of future results and are subject to risks, uncertainties and
assumptions that could cause actual results to differ materially from
those expressed in any forward-looking statement.
The spin-off is contingent upon the satisfaction of a number of
conditions, including the effectiveness of the Form 10 that has been
filed with the SEC and final approval of NHF’s Board of Trustees.
Additional risks and uncertainties related to the proposed spin-off
include the ability of NHF and NXRT to obtain all necessary consents and
approvals and satisfy all other conditions to the spin-off. Readers
should not place undue reliance on any forward-looking statements and
are encouraged to review NXRT’s Form 10 registration statement,
including its preliminary information statement, filed with the SEC, for
a more complete discussion of the risks and other factors that could
affect any forward-looking statements. Except as required by the federal
securities laws, NHF does not undertake any obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events, changing circumstances or any other
reason after the date of this press release.
Copyright Business Wire 2015