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Pacholder High Yield Fund Closes $50MM Credit Facility With Pershing

April 06, 2016, 07:33 AM
Filed Under: Investment Financing
Related: High Yield Bonds

Pacholder High Yield Fund has entered into a $50 million credit facility with lender Pershing LLC, pledging collateral of a portfolio of U.S. corporate investment grade and high-yield bonds. The firm will use the facility to buy preferred shares in a previously announced tender offer. Interest on the loans will accrue at an interest rate of one-month LIBOR offered rate plus 75 basis points.

Pacholder High Yield Fund, Inc. is a diversified, closed-end management investment company. The company has a market cap of $83.31 million. The Fund’s investment objective is to seek a high level of total return through current income and capital appreciation by investing primarily in high yield, fixed income securities of domestic companies. It currently has negative earnings. Under normal circumstances, the Fund invests approximately 80% of the value of its assets in high yield debt securities.

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