LagunaVista (< 20)

HCF Name changes

June 16, 2012 – Comments (0)

Read more here: http://www.sacbee.com/2012/06/15/4565294/pyxis-credit-strategies-fund-announces.html#storylink=cpy

For those who missed it, Highland Credit Strategies (AMEX:HCF) changed its name to Pyxis Credit Strategies Fund on January 9, 2012 (NYSE:HCF).  The Fund's investment adviser changed from Highland Funds Asset Management, L.P. to Pyxis Capital, L.P.  The maintenance of the same ticker on different exchanges while changing names has created some confusion.

On June 14, 2012 Pyxis made the following announcement:

"Pyxis Credit Strategies Fund (the "Fund") (NYSE: HCF) announced that effective June 14, 2012, NexPoint Advisors, L.P. ("NexPoint") will become the investment adviser and administrator to the Fund.  NexPoint is an affiliate of Pyxis Capital, L.P. ("Pyxis"), the Fund's current investment adviser and administrator.  In connection with this change, the Fund will be renamed "NexPoint Credit Strategies Fund."  As part of an internal reorganization, NexPoint assumes investment management and administration responsibility for the Fund.  NexPoint will assume all duties, rights and obligations of Pyxis under the Fund's investment advisory agreement, pursuant to a novation agreement among the Fund, Pyxis and NexPoint, which was approved by the Fund's Board of Trustees (the "Board").  NexPoint, with approval of the Board, will also enter into a new administrative services agreement with the Fund with substantially identical terms to the current agreement between the Fund and Pyxis.  NexPoint has substantially the same ownership as Pyxis.  This change will not result in any changes to the identity of the Fund's portfolio managers, the advisory or administrative services fees paid by the Fund or the services to be provided to the Fund."

"The Fund is a non-diversified, closed-end management investment company. The Fund's investment objectives are to provide both current income and capital appreciation. The Fund seeks to primarily invest in secured and unsecured floating and fixed rate loans, bonds and other debt obligations, debt obligations of stressed, distressed and bankrupt issuers, structured products and equities. Within the categories of obligations and securities in which the Fund invests, the investment adviser employs various trading strategies, including capital structure arbitrage, pair trades and shorting."