Salomon Brothers Global High Income Fund raises $414.56 million in IPO

New York, July 29 - Salomon Brothers Asset Management Inc. said it raised $414.56 million for a new closed-end fund, the Salomon Brothers Global High Income Fund Inc.

The fund is expected to have an initial 40% allocation to high-yield debt, 40% to emerging markets debt and 20% to investment-grade debt.

Exercise of the greenshoe could increase the amount raised in the initial public offering to $498.2 million.

In addition, the fund can use leverage up to 33% of total assets.

The fund will be managed by a team led by portfolio managers Peter J. Wilby, James E. Craige, Roger Lavan, David Torchia and Beth A. Semmel.

The new fund will trade on the New York Stock Exchange under the symbol "EHI."

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