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Non-Tech : Income Investing
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From: brehm23311/25/2024 5:53:35 PM
   of 52117
 
from another mb, fwiw

Closed end fund Highland Opportunity and Income Fund (HFRO) has announced they are tendering for up to $100 million in common shares using a new Series B preferred issue. Details of the new preferred issue have not been announced, but they state they will be structured similarly to the Series A (HFRO-A) which is currently outstanding.

The intent of the tender offer is to try to move the common share price higher–it trades at a very steep discount to net asset value.

HFRO-A has almost always traded weakly–while A1 rated by Moodys there appears to be little confidence in the management of Highland Opportunity and Income Fund. A large share of their investments are in funds run by Nexpoint–which also is the advisor to HFRO. This company seems to have way too many incestuous relationships to be taken real seriously.
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