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NEW YORK, October 02, 2024--(BUSINESS WIRE)--Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE: IGI) (the "Fund") announced today the expiration and final results for its issuer tender offer for up to 100% of the outstanding shares of common stock ("Shares") of the Fund (the "Tender Offer"). The Tender Offer expired on Tuesday, October 1, 2024 at 5:00 p.m., New York City time.
Based on current information, approximately 4,854,372 Shares were duly tendered and not withdrawn, representing approximately 44.75% of the Fund’s common shares outstanding. The Shares accepted for tender were repurchased at a price of $18.15 per Share, equal to 100% of the per Share net asset value as of the close of the regular trading session of the New York Stock Exchange on October 1, 2024. Shares that were not tendered will remain outstanding. Following the Tender Offer, the Fund will have approximately total net assets of $108.7 million.
Payment for such Shares will be made on or about October 7, 2024. Shares that were not tendered will remain outstanding.
Any questions about the Tender Offer can be directed to Georgeson LLC, the information agent for the Tender Offer, toll free at (866) 920-4920.
As previously announced on June 11, 2024, stockholders approved the proposal to convert the Fund to a perpetual fund by eliminating the Fund’s term, which was scheduled to end at the close of business on December 2, 2024, and eliminating the Fund’s fundamental policy to liquidate on or about December 2, 2024.
As a result of the successful completion of the Tender Offer, the proposals described in the Fund’s proxy statement dated April 4, 2024, and in the offer to purchase relating to the Tender Offer will be implemented. In particular:
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Since the Fund maintained at least $50 million of net assets following the Tender Offer, the Fund will change its name from "Western Asset Investment Grade Defined Opportunity Trust Inc." to "Western Asset Investment Grade Opportunity Trust Inc." on or about November 1, 2024. The Fund’s ticker symbol will remain "IGI". The Fund’s CUSIP, 95790A101, will not change; and
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The Fund’s investment manager has agreed to waive 10 basis points (0.10%) of its annual management fee (the "Fee Waiver") for a period of two years following the proposal’s approval. The Fee Waiver will terminate on June 7, 2026.
About the Fund
The Fund is a non-diversified, limited-term, closed-end management investment company managed by Franklin Templeton Fund Adviser, LLC (formerly known as Legg Mason Partners Fund Advisor, LLC) and is sub-advised by Western Asset Management Company, LLC ("Western Asset"), Western Asset Management Company Pte. Ltd. ("Western Asset Singapore"), Western Asset Management Company Ltd ("Western Asset Japan") and Western Asset Management Company Limited ("Western Asset London") are the Fund’s subadvisers. FTFA, Western Asset, Western Asset Singapore, Western Asset Japan and Western Asset London are indirect, wholly-owned subsidiaries of Franklin Resources, Inc.