Fincantieri (BIT:FCT)
Historical Stock Chart
From May 2019 to May 2024
Four Corners Capital Management Announces IPO of New Closed-End
Fund on New York Stock Exchange
LOS ANGELES, May 27 /PRNewswire-FirstCall/ -- Four Corners Capital Management,
LLC ("Four Corners") today announced the successful pricing and launch of
trading of common shares in a new closed-end fund, the First Trust/Four Corners
Senior Floating Rate Income Fund II (the "Fund").
The Fund is issuing 23 million common shares at an initial price of $20.00 per
share, resulting in gross proceeds of $460 million (exclusive of the
underwriters' overallotments). Additionally, the fund expects to issue
preferred shares or some other form of leverage within 90 days, which is
expected to bring the total fund size to approximately $700 million.
The Fund's shares began trading on the New York Stock Exchange (NYSE:FCT)
yesterday and the Fund's listing will be formally acknowledged with the ringing
of the NYSE Opening Bell by management on Tuesday June 1, 2004.
The Lead Manager of the underwriting syndicate was Merrill Lynch & Co. Wachovia
Securities and Raymond James were Co-Lead Managers. The Fund will be advised
by First Trust Advisors, L.P. ("First Trust") of Lisle, IL and sub-advised by
Four Corners.
"Four Corners has believed for some time that the economy is getting stronger,
and with economic strength we tend to see increases in interest rates," said
Michael P. McAdams, President and Chief Investment Officer of Four Corners and
Co-Portfolio Manager of the Fund. "The Fund is well-timed and appropriately
designed to help investors achieve an attractive level of current income
without the negative price impact typically associated with a rising interest
rate environment," added Robert I. Bernstein, Chief Credit Officer of Four
Corners and Co-Portfolio Manager of the Fund.
The First Trust/Four Corners Senior Floating Rate Income Fund II is a newly
organized, diversified closed-end management investment company that seeks a
high level of current income, while attempting to preserve capital as a
secondary objective, through investing in a diversified and actively managed
portfolio of senior secured floating rate corporate loans ("Senior Loans"). The
Fund is designed for investors who want the potential to benefit from a rising
interest rate environment and offers enhanced yield potential for its common
shareholders through the issue of preferred shares, commercial paper or notes.
"We are delighted with the level of investor support for FCT which will bring
Four Corners' Senior Loan assets under management to approximately $1.5
billion," commented Mr. McAdams.
ABOUT FOUR CORNERS
Four Corners Capital Management LLC, headquartered in Los Angeles and a member
of the Macquarie group, specializes in managing corporate credit through
portfolios of Senior Loans and structured finance assets. Four Corners was
founded in 2001 by an experienced team of U.S. investment professionals and by
the Macquarie group who, through affiliates, is a majority owner of Four
Corners.
Effective with the closing of the Fund, Four Corners will manage and advise
approximately $1.8 billion of assets under management across seven Senior Loan
portfolios and one structured investment vehicle.
ABOUT FIRST TRUST
First Trust Advisors L.P. is a leader in providing financial services to the
unit investment trust and closed-end fund marketplace. For its closed-end
product line, First Trust Advisors has chosen to partner with respected asset
managers with a strong track record in the asset class targeted. First Trust
Advisors served as investment adviser or portfolio supervisor of over $11.8
billion in assets as of April 30, 2004
ABOUT THE MACQUARIE GROUP
The Macquarie group comprises Macquarie Bank Limited (MBL), a company
authorized under the Banking Act 1959 (Cth) to conduct banking business in
Australia, and its worldwide affiliated entities. MBL is not licensed to
conduct banking business in the U.S. MBL maintains a Representative Office in
New York and Texas.
Macquarie Bank Limited is publicly listed on the Australian Stock Exchange,
with a market capitalization of approximately $5 billion. The Macquarie group
has assets under management of over $47 billion (as of March 31, 2004).
The Macquarie group has been active in the North America for more than a decade
and has over 250 employees in offices in twelve locations across the United
States.
DATASOURCE: Four Corners Capital Management, LLC
CONTACT: Robert Beatty, Senior Vice President of Four Corners Capital
Management, LLC, +1-213-233-4465