Templeton Global Income Fund [NYSE: GIM] today announced that its Board of Trustees has authorized an issuer tender offer to purchase for cash up to 93,900,910 of its common shares, representing 70% of its issued and outstanding common shares. The tender offer will commence on Monday, November 8, 2021, and will expire, unless extended, at 11:59 p.m., New York City time, on Tuesday, December 7, 2021. Subject to various terms and conditions described in offering materials to be distributed to shareholders: (1) purchases will be made at a price per share equal to 99% of the Fund’s net asset value (NAV) per share as of the close of trading on the first business day after the expiration of the offer; and (2) if more shares are tendered than the amount the Board has authorized to purchase, the Fund will purchase a number of shares equal to the offer amount on a prorated basis.
The Fund may sell portfolio instruments during the tender offer to raise cash for the purchase of common shares. To the extent that the Fund holds a greater than normal percentage of its net assets in cash and cash equivalents, it may not be able to meet fully its investment goals.
In conjunction with its approval of the tender offer, the Board formally withdrew the previously announced tender offer measurement period (the “Measurement Period”). If the Fund’s shares traded at an average discount from NAV of 8% or more during the Measurement Period, the Board would commence a tender offer for up to 20% of the Fund’s outstanding shares at 98% of NAV. To date, the Fund has traded at an average discount of less than 8% during the Measurement Period.
Upon conclusion of the self-tender offer, the Fund is expected to have sufficient assets to continue to meet its investment goals while also continuing to deliver on its mandate to of providing high current income by paying monthly distributions to shareholders who remain invested in the Fund.
The Fund’s common shares have recently traded at a discount to their net asset value per share. During the pendency of the tender offer, the current net asset value per share will be available by telephone at 800-342-5236 or on the Fund’s website at:
Shareholders are advised to read the offer to purchase when it is available, as it contains important information.
The offer to purchase and other documents filed by the Fund with the U.S. Securities and Exchange Commission (SEC), including the Fund’s annual report for the fiscal year ended December 31, 2020, will be available without cost at the SEC’s website at www.sec.gov or by calling 800-342-5236.
For further information on Templeton Global Income Fund, please visit our web site at: www.franklintempleton.com
Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and over $1.5 trillion in assets under management as of September 30, 2021. For more information, please visit franklintempleton.com.
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Contacts
Franklin Templeton, 1-800-342-5236.
