ATLANTA--(BUSINESS WIRE)--Angel Oak Capital Advisors, LLC (Angel Oak), an investment management firm that specializes in value-driven, fixed-income investment solutions, is pleased to announce that the reorganization of Vivaldi Opportunities Fund (NYSE: VAM) with and into Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) was completed on June 5, 2020 after the close of trading.
The completed reorganization and related issuance of new shares of FINS, which required approval by shareholders of both funds and satisfaction of applicable regulatory requirements, included the transfer of all assets of VAM to FINS. Approximately 90% of VAM’s total assets of approximately $68 million were transferred to FINS in cash, with the balance in securities. FINS issued approximately 3,709,065 new common shares in exchange for the VAM assets, bringing the total number of its outstanding common shares to approximately 15,228,998. FINS total assets are now approximately $280 million. VAM shareholders received 0.64701 shares of FINS for each share of VAM held on June 5, 2020.
There will be no change to the investment objectives, investment strategies or investment policies of FINS as a result of the reorganization, and the entire FINS management team will remain the same.
“We are very pleased to have been able to combine the assets of Vivaldi Opportunities Fund with our FINS closed-end fund,” said Johannes Palsson, Managing Director and Senior Portfolio Manager at Angel Oak. “This is an exciting time to be investing in the community banking sector, which we see as a bright spot even during these challenging times. Adding VAM’s assets to FINS gives us ample liquidity to deploy in select community bank sub-debt instruments and other nonbank financial areas. Since the Great Financial Crisis, we have generally seen deleveraging in the financial sector. As debt investors, we like the increased levels of capital, the lower leverage and the more disciplined credit culture we see in the community bank sector.”
Since mid-2014, Angel Oak has participated in more than 200 new issue deals for over $2 billion in subordinated and senior community bank debt. Angel Oak’s dedicated team looks forward to continuing to find value for its investors in the community bank and nonbank financial sectors as it leverages its expertise and proprietary research and investment strategies.
About Angel Oak Capital Advisors, LLC
Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed-income investment solutions for its clients. Backed by a value-driven approach, Angel Oak Capital Advisors seeks to deliver attractive risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment team seeks the best opportunities in fixed-income investments, with a specialization in mortgage-backed securities and other areas of structured and corporate credit.
For more information, please visit www.angeloakcapital.com.