Highland Credit Strategies to create rights offering, take advantage of 'compelling opportunities'

By Devika Patel

Knoxville, Tenn., Nov. 2 - Highland Credit Strategies Fund announced it has filed a preliminary registration statement with the Securities and Exchange Commission for a potential rights offering to the trust's shareholders.

The company said Highland Capital Management LP, the trust's investment adviser, thinks "the current market environment may offer compelling opportunities for attractive investment opportunities."

The rights offering is still subject to the trust's board of trustees' approval.

Based in Dallas, the trust is a non-diversified, closed-end management investment company that invests primarily in secured and unsecured floating- and fixed-rate loans, bonds and other debt obligations, debt obligations of stressed, distressed and bankrupt issuers, structured products and equities.

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