BOSTON, Feb. 21, 2025 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that the reorganization of the Fund into the T. Rowe Price High Yield Fund (the “T. Rowe Price Fund”), a separate series of the T. Rowe Price High Yield Fund, Inc. (the “Reorganization”), initially expected to close following the close of business of the New York Stock Exchange on Friday, February 21, 2025, is now expected to close on a mutually agreed upon date in writing by the parties, subject to satisfaction of customary closing conditions. Upon the closing of the Reorganization, shareholders of the Fund will become holders of Investor Class shares of the T. Rowe Price Fund.
BOSTON, Jan. 02, 2025 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that it will pay a distribution of $0.04 per share on the company's common stock on January 31, 2025 to common shareholders of record as of the close of business on January 17, 2025. The ex-dividend date will be January 17th.
HYB is converting to an ETF in February 2025, eliminating leverage and the discount to NAV, thus removing the arbitrage opportunity. Credit spreads are at historic lows, making the current 5.7% yield unattractive and increasing downside risk for HYB in 2025. The fund's structural changes will involve asset sales to repay borrowings, potentially altering the portfolio significantly post-conversion.
BOSTON, Dec. 02, 2024 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that it will pay a distribution of $.04 per share on the company's common stock on December 31, 2024 to common shareholders of record as of the close of business on December 17, 2024. The ex-dividend date will be December 17th.
BOSTON, Nov. 20, 2024 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that shareholders of the Fund have approved a proposal to reorganize the Fund into the T. Rowe Price High Yield Fund (the “T. Rowe Price Fund”), a separate series of the T. Rowe Price High Yield Fund, Inc. (the "Reorganization").
BOSTON, Nov. 01, 2024 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that it will pay a distribution of $.04 per share on the company's common stock on November 29, 2024 to common shareholders of record as of the close of business on November 15, 2024. The ex-dividend date will be November 15th.
On September 30, 2024, SIT Investment Associates Inc made a significant addition to its portfolio by acquiring 1,651,450 shares of New America High Income Fund Inc (HYB, Financial). This transaction increased the firm's total holdings in HYB to 2,681,185 shares, marking a substantial investment at a price of $8.33 per share.
BOSTON, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that it will pay a dividend of $.04 per share on the company's common stock on October 31, 2024 to common shareholders of record as of the close of business on October 17, 2024. The ex-dividend date will be October 17th.
BOSTON, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that it will pay a dividend of $.04 per share on the company's common stock on September 30, 2024 to common shareholders of record as of the close of business on September 16, 2024. The ex-dividend date will be September 16th.
This article discusses the recent events surrounding the New America High Income Fund, a closed-end fund that historically traded at a discount to its net asset value. Activist hedge fund Saba Capital identified HYB's discount as an arbitrage opportunity and took a position in the fund. Saba successfully pushed for a reorganization where HYB will potentially merge into the T. Rowe Price High Yield Fund, an open-ended mutual fund.