Western Asset Fund Closes $218.5M IPO

Western Asset Investment Grade Defined Opportunity Trust Inc. (the “Fund”) announced today the successful completion of its initial public offering. The Fund raised approximately $218.5 million in its common share offering, assuming full exercise of the underwriters’ overallotment option, which may or may not occur. Its shares began trading today on the New York Stock Exchange under the symbol “IGI.”
The Fund’s primary investment objective is to provide current income and then to liquidate and distribute substantially all of the Fund’s net assets to stockholders on or about December 2, 2024. As a secondary investment objective, the Fund will seek capital appreciation. There can be no assurance the Fund will achieve its investment objectives.
The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets in investment grade corporate fixed income securities of varying maturities. While the Fund may invest up to 20% of its net assets in below investment grade securities, the portfolio’s average overall credit quality will be investment grade.
“IGI represents a timely opportunity to take advantage of the current attractive valuation of bonds issued by blue chip companies with strong fundamentals,” stated Matt Schiffman, Head of Retail Americas for Legg Mason. “This, combined with Western Asset’s rigorous fundamental credit research and emphasis on risk management, provides investors with a high-quality, income-oriented investment.”
Western Asset Investment Grade Defined Opportunity Trust Inc. is managed by Legg Mason Partners Fund Advisor, LLC (“LMPFA”), a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason”), and is sub-advised by Western Asset Management Company (“Western Asset”), an affiliate of LMPFA.
The underwriting syndicate was led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., and Wachovia Capital Markets, LLC.