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Published Jan 20, 2023 • 5 minute read
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TORONTO, Jan. 20, 2023 (GLOBE NEWSWIRE) — PIMCO Global Income Opportunities Fund (TSX: PGI.UN) (“PGI”) and PIMCO Tactical Income Fund (TSX: PTI.UN) (“PTI”, and together with PGI, the “Funds”) announce that they are each launching an at-the-market equity programs (each, an “ATM Program” and together, the “ATM Programs”). The ATM Program of PGI allows PGI to issue Class A units of PGI (the “PGI Units”) having an aggregate sale price of up to $80,000,000, to the public from time to time, at the discretion of PIMCO Canada Corp. (the “Manager”). The ATM Program of PTI allows PTI to issue Class A units of PTI (the “PTI Units”) having an aggregate sale price of up to $80,000,000, to the public from time to time, at the discretion of the Manager. Any PGI Units or PTI Units issued under the applicable ATM Program will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (“TSX”) or any other marketplace in Canada on which the PGI Units or PTI Units, as applicable, are listed, quoted or otherwise traded.
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The volume and timing of distributions under the ATM Programs, if any, will be determined at the Manager’s sole discretion. Each ATM Program will be effective until February 16, 2025, unless terminated prior to such date by the applicable Fund. The Funds intend to use the proceeds from their respective ATM Programs in accordance with each Fund’s investment objectives, investment strategies and investment restrictions.
Sales of PGI Units and PTI Units through the applicable ATM Program will be made pursuant to the terms of an equity distribution agreement entered into by each Fund (together, the “Equity Distribution Agreements”), dated January 20, 2023 with National Bank Financial Inc. (the “Agent”).
Sales of PGI Units and PTI Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the PGI Units or PTI Units, as applicable, in Canada. Since the PGI Units and PTI Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. Each ATM Program is being offered pursuant to a prospectus supplement dated January 20, 2023 to each Fund’s short form base shelf prospectus dated January 16, 2023. Copies of each Fund’s prospectus supplement and short form base shelf prospectus and the applicable Equity Distribution Agreement may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR at www.sedar.com.
Pacific Investment Management Company LLC (“PIMCO”) was founded in 1971 in Newport Beach, California and is one of the world’s premier fixed income investment managers. Today we have offices across the globe and 3,000+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.
The Manager retains PIMCO to provide investment management services to the Funds.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Funds. The forward-looking statements are not historical facts but reflect each Fund, the Manager and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Funds, the Manager and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Funds, the Manager and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.
You will usually pay brokerage fees to your dealer if you purchase or sell PGI Units or PTI Units on the TSX. If the PGI Units or PTI Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying PGI Units or PTI Units and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning PGI Units or PTI Units. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Funds in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Short form base shelf prospectuses and the prospectus supplements containing important detailed information about the securities being offered have been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the Equity Distribution Agreements, the short form base shelf prospectuses and the prospectus supplements may be obtained from the Agent. Investors should read the short form base shelf prospectuses and the prospectus supplements before making an investment decision.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2023, PIMCO
The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose. PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.
PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350.
PIMCO – Media Relations