Press Release: Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc. Announces Exercise of Underwriters’ Over-Allotment Option
Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc. Announces Exercise of Underwriters’ Over-Allotment Option
NEW YORK--(BUSINESS WIRE)--December 06, 2017--
Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc. (the “Fund”) announced today that the underwriters of its initial public offering, which was completed on October 31, 2017, have exercised their over-allotment option to purchase an additional 951,206 common shares of the Fund. The gross proceeds of $9,512,060 from the exercise of the over-allotment option bring the total gross amount raised in the Fund’s initial public offering to $149,512,060. The closing of the exercise of the over-allotment option occurred today, December 6, 2017. The Fund’s common shares are listed on the New York Stock Exchange under the ticker symbol “DCF.”
The Dreyfus Corporation serves as the investment manager of the Fund and Alcentra NY, LLC serves as the Fund’s sub-investment adviser.(1)
Wells Fargo Securities, Morgan Stanley and UBS Investment Bank were the co-lead underwriters in connection with the offering.
About the Fund
The Fund is a diversified, closed-end fund that has a limited term of approximately seven years. The Fund normally invests at least 80% of its managed assets in credit instruments and other investments with similar economic characteristics, including: first lien secured floating rate loans, as well as investments in participations and assignments of such loans; second lien, senior unsecured, mezzanine and other collateralized and uncollateralized subordinated loans; corporate debt obligations other than loans; and structured products, including collateralized bond, loan and other debt obligations, structured notes and credit-linked notes.
The Fund’s investments in credit instruments are subject generally to, among other risks, issuer, credit, interest rate, prepayment, reinvestment, spread, and inflation/deflation risks, to varying degrees. The Fund’s investments in high yield instruments involve increased credit and liquidity risk compared with investment grade instruments and are considered speculative in terms of the issuer’s ability to pay interest and repay principal on a timely basis. The Fund also may employ leverage to enhance its potential for achieving its investment objectives, principally through borrowings from certain financial institutions. Leverage can magnify the potential for gains and losses. Investors should consider the Fund’s investment objectives, risks, fees and expenses carefully before investing, which are disclosed in the prospectus. There can be no assurance that the Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated.
Shares of closed-end funds, such as the Fund, typically trade on a national stock exchange, and these shares frequently trade at a discount to their net asset value, which may increase investors’ risk of loss. Past performance is no guarantee of future results.
This press release is qualified for issuance in the U.S. only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized.
As part of BNY Mellon Investment Management, Dreyfus is an asset management company that provides individuals, financial advisors, and institutional clients with investment solutions in the U.S. The firm accesses a broad range of investment solutions from BNY Mellon’s global network of world-class investment managers, which includes asset classes spanning global, international and domestic equity, fixed income, alternatives, retirement and cash management strategies. Dreyfus offers 150 mutual funds with AUM of $320 billion across long only and money market strategies as of September 30, 2017. The firm originated in 1951 as one of the first mutual fund investment companies.
Alcentra NY, LLC and Alcentra Limited (together, the “Alcentra Group”) are part of a global asset management firm with assets under management of approximately $35 billion(2) . The Alcentra Group has an investment track record that dates back to 1998. Strategies include: senior loans, high yield bonds, direct lending, structured credit, special situations, and multi-strategy credit. The Alcentra Group is a subsidiary of The Bank of New York Mellon Corporation and is headquartered in London, with offices in New York and Boston.
(1) Alcentra NY, LLC is the U.S.-based investment advisory business of BNY Alcentra Group Holdings, Inc. Certain personnel of Alcentra Limited provide non-discretionary investment recommendations to Alcentra NY, LLC with respect to the Fund’s assets pursuant to a participating affiliate agreement.
(2) As of September 30, 2017; assets under management reflect assets of all accounts and portions of client accounts managed by the Alcentra Group and its affiliates. Specifically, certain assets under management reflect assets managed by Alcentra personnel as employees of The Bank of New York Mellon Corporation, Standish Mellon Asset Management LLC, and The Dreyfus Corporation under a dual employee arrangement.
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