Western Asset Emerging Markets Debt Fund Inc. Announces Completion of Merger and Share Conversion Price
Published September 14th, 2009
Western Asset Emerging Markets Debt Fund Inc., which is listed on the New York Stock Exchange under the symbol “ESD,” announced today the completion of the merger with Western Asset Emerging Markets Floating Rate Fund Inc. Effective prior to the opening of business today, shareholders of Western Asset Emerging Markets Floating Rate Fund Inc. (which previously traded on the New York Stock Exchange under the symbol “EFL”) became shareholders of Western Asset Emerging Markets Debt Fund Inc.
Each share of common stock of Western Asset Emerging Markets Floating Rate Fund converted into an equivalent dollar amount (to the nearest $0.001) of full shares of common stock of Western Asset Emerging Markets Debt Fund, based on the net asset value per share of each Fund calculated at the close of business on Friday, September 11, 2009. Western Asset Emerging Markets Debt Fund reported a net asset value per share of $18.92 and Western Asset Emerging Markets Floating Rate Fund reported a net asset value per share of $11.98 as of the close of business on Friday, September 11, 2009. The conversion ratio was calculated at 0.632910 common shares of Western Asset Emerging Markets Debt Fund for each common share of Western Asset Emerging Markets Floating Rate Fund. Western Asset Emerging Markets Debt Fund did not issue any fractional shares to Western Asset Emerging Markets Floating Rate Fund shareholders. In lieu thereof, Western Asset Emerging Markets Debt Fund purchased all fractional shares at the current net asset value of the shares and remitted the cash proceeds to former Western Asset Emerging Markets Floating Rate Fund shareholders in proportion to their fractional shares.
As of the close of business on September 11, 2009, the post-merger net assets of Western Asset Emerging Markets Debt Fund Inc. totaled $581,594,240 and its net asset value per common share was $18.92 based on approximately 30,738,450 shares outstanding.
Western Asset Emerging Markets Debt Fund Inc. is a closed-end, non-diversified management investment company. Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., serves as the Fund’s investment manager and Western Asset Management Company, an affiliate of the investment manager, serves as the Fund’s sub-adviser.
Contact the Fund at 1-888-777-0102 for additional information, or consult the Fund’s web site at www.leggmason.com/cef.
