XAI Floating Rate Trust Launches Tender Offer for 12.5% of Shares at 98% of NAV
XFLTX is trading near its 52-week low of $22 (3.2% above the low).
Summary
The fund commenced a tender offer to buy back up to 1,903,861 shares (about 12.5% of outstanding) at 98% of NAV, expiring October 19, 2026. This is part of a liquidity plan that includes two future contingent tender offers if the discount to NAV remains above 15% or NAV performance lags. The offer provides a near-term exit at a premium to the current market price, which trades at a 14.95% discount to NAV as of September 11. The plan aims to narrow the persistent discount and enhance shareholder value.
At the time of this announcement, XFLTX was trading at $22.71 on NASDAQ in the Finance sector. The 52-week trading range was $22.00 to $29.25. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.