NAPERVILLE, Ill., April 15 /PRNewswire/ -- Calamos Investments said it intends to announce refinancing arrangements as it reaches agreements with specific lenders. These announcements will come based on the successful completion of the lenders' due diligence work and Calamos taking the appropriate steps to ensure that all closed-end fund shareholders are well served by the terms of these agreements.
"The scope of the illiquidity problem associated with these failed auctions is global and quite complex," said John P. Calamos, Sr., Chairman, CEO and Co-Chief Investment Officer. "We have moved forward in a measured way to ensure that all shareholders in our closed end funds are well served by the terms of these agreements.
"After consulting with the funds' Board of Trustees, we immediately began seeking alternative forms of financing," Calamos said. "From the outset, our commitment, while we understand the critical nature of the situation the preferred shareholders are in, is to pursue refinancing that provides liquidity to preferred shareholders while preserving the benefits of leverage to common shareholders in our closed end funds."
As soon as agreements on refinancings have been reached, Calamos will make announcements. At this point, Calamos is constrained from providing additional information as due diligence continues. "We want to assure our valued clients that we intend to keep you and the broader public informed of developments as soon as we are allowed to publicly disclose specifics," Calamos said.
Calamos Investments is a diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end funds, providing a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit http://www.calamos.com/.
Calamos Investments
