Boulder Growth & Income Fund, Inc. to Leverage Fund.Business Editors BOULDER, Colo.--(BUSINESS WIRE)--Feb. 19, 2003 The Boulder Growth & Income Fund, Inc. (NYSE NYSE See: New York Stock Exchange :BIF BIF In currencies, this is the abbreviation for the Burundi Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) announced today that its Board of Directors approved a $20 million credit line with a banking unit of Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. at a special meeting of the Board of Directors held yesterday. The Fund intends to draw the full $20 million available under this credit line, which will bring the total assets in the Fund, including leverage, to $75.9 million, with the leverage representing 26.3% of those total assets. The interest rate on the line of credit will be 30-day LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 100 basis points, and will fluctuate with any changes in the 30-day LIBOR rate. Management intends to maintain this leverage indefinitely, investing the proceeds in accordance with the total return objectives of the Fund. The Fund may repay the loan at any time without prepayment penalties, and the lender may call the loan at its discretion. The Fund will incur some nominal fees associated with the loan. The Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company. As of Friday, February 14, 2003, the Fund's net asset value was $4.93 per share and the closing market price was $4.22, making the shares a 14.4% discount to NAV See navigation system and navigation bar. . |
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