Several Pimco funds announce results of tenders for auction-rate preferreds

By Wendy Van Sickle

Columbus, Ohio, Sept. 20 – Pimco Corporate & Income Opportunity Fund (PTY), Pimco Corporate & Income Strategy Fund (PCN), Pimco Income Strategy Fund (PFL), Pimco Income Strategy Fund II (PFN), Pimco High Income Fund (PHK), Pimco California Municipal Income Fund (PCQ), Pimco California Municipal Income Fund II (PCK), Pimco California Municipal Income Fund III (PZC), Pimco Municipal Income Fund (PMF), Pimco Municipal Income Fund II (PML), Pimco Municipal Income Fund III (PMX), Pimco New York Municipal Income Fund (PNF), Pimco New York Municipal Income Fund II (PNI) and Pimco New York Municipal Income Fund III announced the results of their tender offers for all of their outstanding auction-rate preferred shares, according to a news release.

The tender offers were announced on Aug. 14 and expired at 5 p.m. ET on Sept. 18.

The purchase price is 96% for PTY, 93.25% for PCN and PHK, 94.25% for PFL and PFN, and 94.5% for PCQ, PCK, PZC, PMF, PML, PMX, PNF, PNI and PYN of the preferreds per share liquidation preference of $25,000 per share, or $24,000 per share for PTY, $23,312.50 per share for PCN and PHK, $23,562.50 per share of PFL and PFN, and $23,625 per share for PCQ, PCK, PZC, PMF, PML, PMX, PNF, PNI and PYN.

The funds announced the following tender results:

• PTY has accepted for payment 5,085 auction-rate preferreds, or about 59.78% of its outstanding auction-rate preferreds, and 3,421 auction-rate preferreds remain outstanding;

• PCN has accepted for payment 422 auction-rate preferreds, or about 44.85% of its outstanding auction-rate preferreds, and 519 auction-rate preferreds remain outstanding;

• PHK has accepted for payment 581 auction-rate preferreds, or about 25.02% of its outstanding auction-rate preferreds, and 1,741 auction-rate preferreds remain outstanding;

• PFL has accepted for payment 1,404 auction-rate preferreds, or about 77.65% of its outstanding auction-rate preferreds, and 404 auction-rate preferreds remain outstanding;

• PFN has accepted for payment 1,941 auction-rate preferreds, or about 55.5% of its outstanding auction-rate preferreds, and 1,556 auction-rate preferreds remain outstanding;

• PCQ has accepted for payment 429 auction-rate preferreds, or about 8.89% of its outstanding auction-rate preferreds, and 4,396 auction-rate preferreds remain outstanding;

• PCK has accepted for payment 1,232 auction-rate preferreds, or about 23.94% of its outstanding auction-rate preferreds, and 3,915 auction-rate preferreds remain outstanding;

• PZC has accepted for payment 444 auction-rate preferreds, or about 11.34% of its outstanding auction-rate preferreds, and 3,471 auction-rate preferreds remain outstanding;

• PMF has accepted for payment 863 auction-rate preferreds, or about 12.94% of its outstanding auction-rate preferreds, and 5,805 auction-rate preferreds remain outstanding;

• PML has accepted for payment 2,345 auction-rate preferreds, or about 19.65% of its outstanding auction-rate preferreds, and 9,586 auction-rate preferreds remain outstanding;

• PMX has accepted for payment 1,011 auction-rate preferreds, or about 16.34% of its outstanding auction-rate preferreds, and 5,177 auction-rate preferreds remain outstanding;

• PNF has accepted for payment 305 auction-rate preferreds, or about 18.59% of its outstanding auction-rate preferreds, and 1,336 auction-rate preferreds remain outstanding;

• PNI has accepted for payment 276 auction-rate preferreds, or about 11.90% of its outstanding auction-rate preferreds, and 2,044 auction-rate preferreds remain outstanding; and

• PYN has accepted for payment 137 auction-rate preferreds, or about 11.63% of its outstanding auction-rate preferreds, and 1,041 auction-rate preferreds remain outstanding.

Pimco is a Newport Beach, Calif.-based investment manager.

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