Aberdeen Asia-Pacific Income Fund, Inc. Announces Completion Of Leverage Restructuring

Jun 28, 2013, 08:58 ET from Aberdeen Asia-Pacific Income Fund, Inc.

PHILADELPHIA, June 28, 2013 /PRNewswire/ -- Aberdeen Asia-Pacific Income Fund, Inc. (NYSE MKT: FAX) (the "Fund"), a closed-end fund, today announced the closing of a private offering of 2 million shares of Series A Mandatory Redeemable Preferred Shares due 2023 (the "Series A MRPS"). The Series A MRPS, with a liquidation value of $50 million, are rated "AA" by Fitch Ratings. Net proceeds from the Series A MRPS will be used to refinance a portion of the Fund's existing $200 million syndicated revolving credit facility with this offering, the Fund completes a program of restructuring the Fund's leverage.

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The table below summarizes certain key terms of the Fund's current leverage: 


($ in millions)


364-day Syndicated Revolving Credit Facility


April 9, 2014

7-year Series A Senior Secured Notes


June 12, 2020

10-year Series B Senior Secured Notes


June 12, 2023

5-year Term Loan A


June 11, 2018

3-year Term Loan B


June 11, 2016

10-year Series A Mandatory Redeemable Preferred Shares


June 27, 2023

"Recognizing the current interest rate environment, the Fund has been able to not only diversify its borrowing structure by lender, but also lock in an attractive cost of borrowing and extend the average maturity of the leverage facility," said Christian Pittard, President of Fund.

The Series A MRPS are not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. A copy of the prospectus for Aberdeen Asia-Pacific Income Fund, Inc. that contains this and other information about the Fund may be obtained by calling 800-522-5465. Please read the prospectus carefully before investing. Investing in the Fund involves risk, including possible loss of principal.

If you wish to receive this information electronically,
please contact InvestorRelations@aberdeen-asset.com


SOURCE Aberdeen Asia-Pacific Income Fund, Inc.