Company Website:
http://www.ubs.com/us/en/asset_management/financial_advisors/closed_end_funds.html
NEW YORK -- (Business Wire)
Managed High Yield Plus Fund Inc. (the "Fund") (NYSE:HYF) announced
today that the Board of Directors (the “Board”) of the Fund has approved
a proposal to liquidate the Fund in 2016, subject to shareholder
approval.
After careful deliberation and a thorough review of the available
alternatives, and based upon the recommendation of UBS Global Asset
Management (Americas) Inc. (“UBS AM”), the Fund’s manager, the Board has
determined that liquidation and dissolution of the Fund is in the best
interests of the Fund. A proposed plan of liquidation will be submitted
for the approval of the Fund’s shareholders at a special shareholders
meeting of the Fund, which will be scheduled to be held in April 2016.
If the shareholders approve the proposed plan, the liquidation and
dissolution of the Fund will take place as soon as reasonably
practicable, but in no event later than December 31, 2016 (absent
unforeseen circumstances).
Further information regarding the liquidation proposal, including the
plan of liquidation, will be included in the proxy materials that will
be mailed to the Fund’s shareholders in advance of the shareholders
meeting.
Investing in the Fund entails specific risks, such as interest rate
risk, the greater credit risks inherent in investing primarily in
lower-rated, higher-yielding bonds as well as the increased risk of
using leverage (that is, borrowing money to invest in additional
portfolio securities). Further detailed information regarding the Fund,
including a discussion of principal objectives, principal investment
strategies and principal risks, may be found in the fund overview
located at http://www.ubs.com/closedendfundsinfo.
You may also request copies of the fund overview by calling the
Closed-End Funds Desk at 888-793 8637.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20151013006855/en/
Contacts:
UBS Asset Management
Closed-End Funds Desk, 888-793-8637
ubs.com
Source: Managed High Yield Plus Fund Inc.
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