AllianzGI Diversified Income & Convertible Fund (NYSE:ACV) (the “Fund”)
announced today its private issuance of $30 million in Mandatory
Redeemable Preferred Shares (“MRPS”) due September 30, 2025 and $50
million in Senior Secured Notes (“Notes”) due November 22, 2029. Fitch
Ratings assigned a rating of “AA” to the MRPS and “AAA” to the Notes.
The new MRPS and Notes replace a portion of the Fund’s short-term
borrowings and lock-in fixed-rate financing costs with respect to the
$80 million in leverage represented by the MRPS and the Notes. The Fund
continues to maintain a short term credit facility at variable
short-term rates for a portion of its borrowings.
The Fund is a closed-end management investment company. The Fund’s
investment objective is to provide total return through a combination of
current income and capital appreciation, while seeking to provide
downside protection against capital loss. There can be no assurance that
the Fund will achieve its stated objective.
Allianz Global Investors Fund Management LLC (“AGIFM”), an indirect,
wholly-owned subsidiary of Allianz Asset Management of America, L.P.,
serves as the Fund’s investment manager and is a member of Munich-based
Allianz Group. Allianz Global Investors U.S. LLC, an AGIFM affiliate,
serves as the Fund’s sub-adviser.
The Fund’s daily New York Stock Exchange closing market prices, net
asset values per share, as well as other information, including updated
portfolio statistics and performance are available at
us.allianzgi.com/closedendfunds or by calling the Fund’s shareholder
servicing agent at (800) 254-5197.
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’s
performance, a general downturn in the economy, competition from other
companies, changes in government policy or regulation, inability to
attract or retain key employees, inability to implement its operating
strategy and/or acquisition strategy, and unforeseen costs and other
effects related to legal proceedings or investigations of governmental
and self-regulatory organizations. The Fund’s ability to pay dividends
to common shareholders is subject to the restrictions in its
registration statement, by-laws and other governing documents, as well
as the Investment Company Act of 1940.
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