John Hancock Announces Refinancing and Redemption of All Outstanding Preferred Shares of John Hancock Investors Trust (JHI)

Share Name	Share Symbol	Market	Type
Corcept Therapeutics Inc	TG:HTD	Tradegate	Ordinary Share

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.41	1.63%	25.53	25.00	26.04	26.40	24.87	24.87	368	22:50:15

Corcept Therapeutics (TG:HTD)
Historical Stock Chart

From May 2019 to May 2024

Click Here for more Corcept Therapeutics Charts.

BOSTON, May 20 /PRNewswire-FirstCall/ -- John Hancock Funds announced that it has restructured $86 million of leverage employed by the John Hancock Investors Trust (JHI), a leveraged closed-end bond fund. The Board of Trustees of John Hancock Funds approved a plan whereby a commercial bank has agreed to provide a senior secured credit facility that will enable the refinancing. The credit facility will be used to redeem and replace 100 percent of the outstanding Auction Rate Preferred Securities (ARPS) of the John Hancock Investors Trust, and to change the form of leverage from ARPS to debt. On May 7, John Hancock Funds announced the refinancing of five leveraged closed-end taxable equity funds, and the redemption of approximately $1.6 billion of outstanding preferred shares issued by those funds: Tax-Advantaged Dividend Income (HTD), Preferred Income (HPI), Preferred Income II (HPF), Preferred Income III (HPS), and Patriot Premium Dividend II (PDT). John Hancock Funds continues to evaluate alternatives to complete the refinancing of its only remaining leveraged closed-end fund, Income Securities Trust (JHS), which has $89 million of ARPS outstanding. "While we are pleased to make today's announcement, we regard this as the continuation of a project and we will not rest until we have effectively solved the ARPS illiquidity problem of all of our leveraged closed-end funds in a manner consistent with the interests of both common and preferred shareholders," said Keith F. Hartstein, President and CEO of John Hancock Funds. "Although this solution will entail modest de-leveraging, the expected net result is a moderate increase in income at the fund level. In addition, through the refinancing process the ARPS shareholders will gain the liquidity they desire." Redemption of the ARPS for JHI will be on a tranche by tranche basis. It is anticipated that redemptions will be completed in June. Further details on the redemption schedule will be provided in press releases, and will be posted on the John Hancock Funds web site, http://www.jhfunds.com/. About John Hancock Funds The Boston-based mutual fund business unit of John Hancock Financial Services, John Hancock Funds manages more than $54.1 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at March 31, 2008. John Hancock Funds are distributed by John Hancock Funds, LLC, member FINRA. For more information, please visit http://www.jhfunds.com/. John Hancock Financial Services is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$400 billion (US$389 billion) at March 31, 2008. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial may be found on the Internet at http://www.manulife.com/. FORWARD LOOKING STATEMENTS Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: changes in securities or financial markets or general economic conditions, including changes in interest rates for borrowings, and other risks discussed from time to time in the fund's filings with the Securities and Exchange Commission. John Hancock and the closed-end funds managed by John Hancock and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements. DATASOURCE: John Hancock Funds CONTACT: Beth McGoldrick of John Hancock Funds, +1-617-663-4751, Web site: http://www.jhfunds.com/ http://www.manulife.com/

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

HTD Corcept Therapeutics Inc