The New America High Income Fund to Pursue Reorganization With and Into the T. Rowe Price High Yield Fund, Subject to Stockholder Approval
Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), today announced that it has entered into a standstill agreement with The New America High Income Fund (NYSE: HYB) (the “Fund”).
Under the terms of the agreement, The New America High Income Fund will, subject to stockholder approval, reorganize with and into the T. Rowe Price High Yield Fund, Inc. (Nasdaq: PRHYX), an open-end management investment company registered under the Investment Company Act of 1940.
The terms of the agreement also provide for Saba withdrawing the notice of its intent to nominate persons for election at the Fund’s 2024 Annual Meeting of Stockholders.
Paul Kazarian, Partner and Portfolio Manager of Saba, commented:
“Saba is pleased to have reached this agreement through constructive engagement with the Fund’s board. We believe stockholders would benefit from the proposed reorganization contemplated by the agreement, as it would eliminate the Fund’s trading discount and lower management fees for stockholders.”
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba is headquartered in New York City. Learn more at www.sabacapital.com.
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Contacts
Longacre Square Partners
Charlotte Kiaie / Kate Sylvester, 646-386-0091
ckiaie@longacresquare.com / ksylvester@longacresquare.com
