New York Stock Exchange-listed Ares Multi-Strategy Credit Fund will make monthly distributions for the next three months of $0.1525 per common share, according to a statement on Monday (12 October).
The fund’s share price has fallen from its initial offering price of $25.00 per share and was trading at $20.73 ahead of the distribution announcement at the end of trading last Thursday (9 October).
The distributions by the fund, which is managed by a subsidiary of credit specialist Ares Management, represent an annualised distribution rate of 7.32 percent and 8.83 percent respectively, according to the announcement.
The share price of the closed-ended vehicle was at $20.29 at trading close yesterday (13 October), according to Bloomberg data
Managed by Ares Capital Management II, the multi-strategy credit fund invests in below investment grade senior secured loans, high yield corporate bonds and other similar fixed-income instruments including derivatives, collateralised loan obligations and other asset backed securities.
Ares had approximately $79 billion in assets under management as of 30 June 2014.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: