Calamos launches convertible and high income closed-end fund

New York, May 28 - Calamos Investments said it sold $783 million of shares of its new Calamos Convertible and High Income Fund.

The Naperville, Ill. money manager sold 52.2 million shares at $15 and added that total assets of the fund could reach $900 million if the greenshoe is exercised.

The fund, Calamos' second closed-end offering, will invest in below investment-grade corporate and convertible securities. Under normal conditions, the fund will put at least 80% of its assets in these two categories with at least 20% in convertibles and at least 20% in junk bonds, according to the fund prospectus.

It may use leverage of up to one third.

John P. Calamos, president of Calamos Investments and affiliate Calamos Financial Services, Inc., and Nick P. Calamos, senior executive vice president of the two companies, will manage the fund.

Citigroup was the lead underwriter for the offering. The fund will trade on the New York Stock Exchange under the symbol "CHY."

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