Western Asset Investment Grade Defined Opportunity Trust Inc. Announces Final Results of Tender Offer
Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE: IGI) (the “Fund”) has announced the expiration and final results of its tender offer to repurchase up to 100% of its outstanding common stock (“Shares”). The tender offer concluded on October 1, 2024, at 5:00 p.m. (New York City time).
Approximately 4,854,372 shares, representing 44.75% of the Fund’s outstanding common stock, were tendered and accepted. These shares were repurchased at $18.15 per share, which is equal to 100% of the net asset value (NAV) per share as of the close of trading on the New York Stock Exchange on October 1, 2024. Shares that were not tendered remain outstanding, and the Fund will retain approximately $108.7 million in net assets following the tender offer.
Payments for the repurchased shares are scheduled to be made on or about October 7, 2024.
For any inquiries related to the tender offer, shareholders can contact Georgeson LLC, the information agent, toll-free at (866) 920-4920.
Changes Following Stockholder Approval and Tender Offer
In June 2024, stockholders approved a proposal to convert the Fund to a perpetual structure by eliminating the term originally set to end on December 2, 2024. As a result, the Fund will not liquidate as initially planned.
With the successful completion of the tender offer and the Fund maintaining net assets above $50 million, the following changes will take place:
- The Fund’s name will change from “Western Asset Investment Grade Defined Opportunity Trust Inc.” to “Western Asset Investment Grade Opportunity Trust Inc.” on or about November 1, 2024. The Fund’s ticker symbol “IGI” and CUSIP 95790A101 will remain unchanged.
- The Fund’s investment manager has agreed to waive 10 basis points (0.10%) of its annual management fee for two years, with the waiver ending on June 7, 2026.
About the Fund
The Fund is a non-diversified, limited-term, closed-end management investment company managed by Franklin Templeton Fund Adviser, LLC, with sub-advisory services provided by Western Asset Management Company, LLC and its affiliates in Singapore, Japan, and London. All entities are indirect, wholly-owned subsidiaries of Franklin Resources, Inc.
This announcement may contain forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are based on the Fund’s current plans and subject to risks that could result in actual outcomes differing materially. More information on these risks is available in the Fund’s SEC filings.
For further details on the Fund, investors can call Fund Investor Services at 1-888-777-0102 or visit franklintempleton.com. The Fund’s complete audited financial statements are available upon request free of charge.
