ING Clarion Closed-end Funds Announce Partial Redemption of Auction Rate Preferred Stock
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March 12, 2008, ING Clarion Real Estate Securities
New York, New York and Philadelphia, Pennsylvania – March 12, 2008 – The Board of Directors of ING Clarion Global Real Estate Income Fund (NYSE: IGR) and ING Clarion Real Estate Income Fund (NYSE: IIA) have approved the partial redemption of Adjustable Rate Preferred Securities (ARPS) in the amount of $200 million and $40 million respectively, which represents 22% and 33% respectively of the total ARPS outstanding for each fund.
March 12, 2008
ING CLARION GLOBAL REAL ESTATE INCOME FUND ‘IGR’ AND ING CLARION REAL ESTATE INCOME FUND‘IIA’ ANNOUNCES PARTIAL REDEMPTION OF AUCTION RATE PREFERRED STOCK
New York, New York and Philadelphia, Pennsylvania – March 12, 2008 – The Board of Directors of ING Clarion Global Real Estate Income Fund (NYSE: IGR) and ING Clarion Real Estate Income Fund (NYSE: IIA) have approved the partial redemption of Adjustable Rate Preferred Securities (ARPS) in the amount of $200 million and $40 million respectively, which represents 22% and 33% respectively of the total ARPS outstanding for each fund. The redemption will be done as a pro rata repurchase of a portion of each ARPS Series at its next regular auction beginning April 1, 2008. The redemption will be funded with cash on hand and debt borrowings available under existing credit lines. The interest rate on the debt is equal to or less than the current rates on the ARPS.
The redemption of the ARPS was approved after deliberation of the Board and the investment manager, ING Clarion Real Estate Securities. The transactions will diversify the sources of leverage and lower costs for the funds. The transactions will also enhance the credit quality of the ARPS that remain outstanding consistent with the Funds’ commitment to maintain top credit ratings from Moody’s and Fitch. The redemptions will provide partial liquidity for the benefit of preferred shareholders who have experienced unwanted illiquidity as a result of recent unsuccessful auctions due to widespread problems in the debt markets.
We continue to work with banks, advisors and other industry participants to seek additional avenues for enhancing liquidity and reducing costs of leverage consistent with the investment objectives of the funds and considering the concerns and interest of all shareholders.
ING Clarion Real Estate Securities acts as the Funds’ investment advisor and is responsible for managing the Funds’ portfolio assets.
ANALYST AND PRESS INQUIRIES:
David Leggette
ING Clarion Real Estate Securities, L.P.
(610) 995-2500 or 888-711-4272
ING CLARION GLOBAL REAL ESTATE INCOME FUND ‘IGR’ AND ING CLARION REAL ESTATE INCOME FUND‘IIA’ ANNOUNCES PARTIAL REDEMPTION OF AUCTION RATE PREFERRED STOCK
New York, New York and Philadelphia, Pennsylvania – March 12, 2008 – The Board of Directors of ING Clarion Global Real Estate Income Fund (NYSE: IGR) and ING Clarion Real Estate Income Fund (NYSE: IIA) have approved the partial redemption of Adjustable Rate Preferred Securities (ARPS) in the amount of $200 million and $40 million respectively, which represents 22% and 33% respectively of the total ARPS outstanding for each fund. The redemption will be done as a pro rata repurchase of a portion of each ARPS Series at its next regular auction beginning April 1, 2008. The redemption will be funded with cash on hand and debt borrowings available under existing credit lines. The interest rate on the debt is equal to or less than the current rates on the ARPS.
The redemption of the ARPS was approved after deliberation of the Board and the investment manager, ING Clarion Real Estate Securities. The transactions will diversify the sources of leverage and lower costs for the funds. The transactions will also enhance the credit quality of the ARPS that remain outstanding consistent with the Funds’ commitment to maintain top credit ratings from Moody’s and Fitch. The redemptions will provide partial liquidity for the benefit of preferred shareholders who have experienced unwanted illiquidity as a result of recent unsuccessful auctions due to widespread problems in the debt markets.
We continue to work with banks, advisors and other industry participants to seek additional avenues for enhancing liquidity and reducing costs of leverage consistent with the investment objectives of the funds and considering the concerns and interest of all shareholders.
ING Clarion Real Estate Securities acts as the Funds’ investment advisor and is responsible for managing the Funds’ portfolio assets.
ANALYST AND PRESS INQUIRIES:
David Leggette
ING Clarion Real Estate Securities, L.P.
(610) 995-2500 or 888-711-4272