{"id":813360,"date":"2025-02-14T08:03:42","date_gmt":"2025-02-14T13:03:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/western-asset-high-yield-defined-opportunity-fund-inc-announces-stockholder-proposal\/"},"modified":"2025-02-14T08:03:42","modified_gmt":"2025-02-14T13:03:42","slug":"western-asset-high-yield-defined-opportunity-fund-inc-announces-stockholder-proposal","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/western-asset-high-yield-defined-opportunity-fund-inc-announces-stockholder-proposal\/","title":{"rendered":"Western Asset High Yield Defined Opportunity Fund Inc. Announces Stockholder Proposal"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Western Asset High Yield Defined Opportunity Fund Inc. Announces Stockholder Proposal<\/b><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nWestern Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) (the \u201cFund\u201d) announced today approval by the Fund\u2019s Board of Directors of a proposal that will allow stockholders of the Fund to remain invested, subject to stockholder approval.<\/p>\n<p>\nDue to the termination of HYI scheduled to occur on September 30, 2025, the proposal asks stockholders of the Fund to vote to approve an amendment to the Fund\u2019s articles of incorporation to remove the scheduled term and convert the Fund into a perpetual fund (the \u201cAmendment Proposal\u201d). The Amendment Proposal will be contingent on the results of a tender offer for 100% of the Fund\u2019s outstanding shares of common stock at a price per share equal to net asset value. If the Fund\u2019s net assets following the tender offer are expected to be $75 million or greater, the tender offer will be completed and the Fund\u2019s term will be eliminated. If the Fund\u2019s net assets after the tender offer are expected to be below $75 million, the tender offer will be cancelled with no shares of common stock repurchased, and instead, the Amendment Proposal will not become effective, the Fund will remain a term Fund and the Fund will proceed to terminate as scheduled.<\/p>\n<p>\nIf the Fund\u2019s term is eliminated, the Fund\u2019s name will be changed to \u201cWestern Asset High Yield Opportunity Fund Inc.\u201d to reflect the elimination. In addition, if the Fund\u2019s term is eliminated, the common shares of the Fund will continue to trade on the New York Stock Exchange under its current ticker symbol, and the Fund will implement a 20-basis point fee waiver for one year following stockholder approval of the Amendment Proposal.<\/p>\n<p>\nIf the Fund\u2019s Amendment Proposal is approved, its tender offer is expected to occur during the third quarter of 2025.<\/p>\n<p>\nTHIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUND. THIS PRESS RELEASE MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS \u201cMAY,\u201d \u201cWILL,\u201d \u201cEXPECT,\u201d \u201cANTICIPATE,\u201d \u201cESTIMATE,\u201d \u201cBELIEVE,\u201d \u201cCONTINUE\u201d OR OTHER SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON THE FUND\u2019S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS. ADDITIONAL INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES IS CONTAINED IN THE FUND\u2019S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.<\/p>\n<p>\nFor more information about the Fund, please call Fund Investor Services: 1-888-777-0102, or consult the Fund\u2019s web site at www.franklintempleton.com\/investments\/options\/closed-end-funds. The information contained on the Fund\u2019s web site is not part of this press release. Hard copies of the Fund\u2019s complete audited financial statements are available free of charge upon request.<\/p>\n<p><b>About Western Asset<\/b><\/p>\n<p>\nWestern Asset is one of the world\u2019s leading fixed-income managers with 50 years of experience and $280.02 billion in assets under management (AUM) as of December 31, 2024. With a focus on long-term fundamental value investing that employs a top-down and bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed income sectors. Founded in 1971, Western Asset has been recognized for delivering superior levels of client service alongside its approach emphasizing team management and intensive proprietary research, supported by robust risk management. To learn more about Western Asset, please visit www.westernasset.com. Western Asset is an independent specialist investment manager of Franklin Templeton.<\/p>\n<p><b>About Franklin Templeton<\/b><\/p>\n<p>\nFranklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton\u2019s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and approximately $1.6 trillion in assets under management as of January 31, 2025. For more information, please visit franklintempleton.com.<\/p>\n<p>\nCategory: Fund Announcement<\/p>\n<p>\nSource: Legg Mason Closed End Funds<\/p>\n<p>\nSource: Franklin Resources, Inc.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250214382002r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250214382002\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250214382002\/en\/<\/a><\/span><\/p>\n<p>\nInvestor Contact: Fund Investor Services: 1-888-777-0102<\/p>\n<p>\nMedia Contact: Lisa Tibbitts<br \/>\n<br \/>+1 (904) 942-4451<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Lisa.Tibbitts@franklintempleton.com\">Lisa.Tibbitts@franklintempleton.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> New York United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Western Asset High Yield Defined Opportunity Fund Inc. Announces Stockholder Proposal NEW YORK&#8211;(BUSINESS WIRE)&#8211; Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) (the \u201cFund\u201d) announced today approval by the Fund\u2019s Board of Directors of a proposal that will allow stockholders of the Fund to remain invested, subject to stockholder approval. Due to the termination of HYI scheduled to occur on September 30, 2025, the proposal asks stockholders of the Fund to vote to approve an amendment to the Fund\u2019s articles of incorporation to remove the scheduled term and convert the Fund into a perpetual fund (the \u201cAmendment Proposal\u201d). The Amendment Proposal will be contingent on the results of a tender offer for 100% of the Fund\u2019s outstanding shares &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/western-asset-high-yield-defined-opportunity-fund-inc-announces-stockholder-proposal\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Western Asset High Yield Defined Opportunity Fund Inc. Announces Stockholder Proposal&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-813360","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Western Asset High Yield Defined Opportunity Fund Inc. Announces Stockholder Proposal - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/western-asset-high-yield-defined-opportunity-fund-inc-announces-stockholder-proposal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Western Asset High Yield Defined Opportunity Fund Inc. Announces Stockholder Proposal - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Western Asset High Yield Defined Opportunity Fund Inc. Announces Stockholder Proposal NEW YORK&#8211;(BUSINESS WIRE)&#8211; Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) (the \u201cFund\u201d) announced today approval by the Fund\u2019s Board of Directors of a proposal that will allow stockholders of the Fund to remain invested, subject to stockholder approval. Due to the termination of HYI scheduled to occur on September 30, 2025, the proposal asks stockholders of the Fund to vote to approve an amendment to the Fund\u2019s articles of incorporation to remove the scheduled term and convert the Fund into a perpetual fund (the \u201cAmendment Proposal\u201d). The Amendment Proposal will be contingent on the results of a tender offer for 100% of the Fund\u2019s outstanding shares &hellip; Continue reading &quot;Western Asset High Yield Defined Opportunity Fund Inc. 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