PHILADELPHIA, April 19 /PRNewswire-FirstCall/ -- Aberdeen Asia-Pacific Income Fund, Inc. (NYSE AMEX: FAX) (the "Fund"), a $2.3 billion closed-end fixed income fund, today announced that it has renewed its $600 million credit facility with a syndicate of major financial institutions led by Scotia Capital, the wholesale banking arm of the Scotiabank Group.
The credit facility was first established in response to the auction-rate share crisis in 2008. At this time, the Fund and its affiliated fund, Aberdeen Global Income Fund (NYSE AMEX: FCO), were the first in the closed-end fund sector to announce the redemption of all their respective issued and outstanding auction market preferred stock. The renewal marks the continuation of the Fund's leverage capabilities.
"We are very pleased to have successfully collaborated once again with Scotia Capital and the other major financial institutions to renew the facility," said Christian Pittard, President of the Fund.
John Morale, Managing Director and Industry Head for Scotia Capital's Financial Services Team added: "This continues to be, without question, a landmark transaction. The US$600 million financing remains one of the largest syndicated financing for a 1940 Act regulated closed-end mutual fund ever completed. Further, having concluded this refinancing in this credit market once again re-affirms Scotia Capital's preeminent position as one of the recognized leaders in the Financial Services industry."
Aberdeen Asset Management PLC, parent of Aberdeen Asset Management Inc., was founded in 1983 and has over $232 billion in assets under management and 1,800 staff, across 31 offices in 26 countries. Aberdeen offers a range of investment vehicles to private and institutional U.S. investors, including mutual funds, closed-end funds and large separate accounts. As a group, Aberdeen manages over $26 billion in emerging market equity and fixed income assets for both individual and institutional investors around the world as of December 31, 2009. We are now one of the largest managers of U.S.-listed closed-end funds that invest in emerging markets, according to Morningstar analytics as of March 2010.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $507 billion in assets (as at January 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
About Scotia Capital:
Scotia Capital is the wholesale banking arm of the Scotiabank Group, offering a wide variety of products to corporate, government and institutional clients. Scotia Capital provides full-service coverage across the NAFTA region, and also serves selected niche markets globally through two divisions, Global Capital Markets and Global Corporate and Investment Banking. It has 28 offices and more than 300 relationship managers organized around industry specialties. For more information, please visit www.scotiacapital.com.
For more information please visit www.aberdeen-asset.us.
SOURCE Aberdeen Asia-Pacific Income Fund, Inc.
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