NEW YORK, Jan. 12, 2009 (GLOBE NEWSWIRE) -- PIMCO New York Municipal Income Fund II (NYSE:PNI) (the "Fund") today announced that the previously declared December common share dividend will be paid today.
This announcement follows an earlier press release dated December 31, 2008 announcing the postponement of payment of the Fund's December common share dividend, due to the Fund's asset coverage ratio falling below the 200% Level (described below). As stated in the December 31 press release, the Fund is not permitted to pay or declare common share dividends unless the Fund's auction rate preferred shares ("ARPS") have a minimum asset coverage of 200% ("200% Level") after payment or declaration of the common share dividend, in accordance with the Fund's By-laws and the Investment Company Act of 1940, as amended. The Fund's asset coverage is now at a level at which the Fund can pay the previously declared December common share dividend.
Accordingly, the December dividend of $0.06625 per common share, which was declared on December 1, 2008 and postponed on December 31, 2008, will be paid on January 12, 2009 to shareholders of record on December 11, 2008.
The Fund's investment objective is to provide current income exempt from federal, New York State and New York City income taxes. There can be no assurance that the Fund will achieve its stated objective.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing price and net asset value per share are available by calling the Fund's shareholder servicing agent at (800) 331-1710. This information, as well as updated portfolio statistics and performance, is available at http://www.allianzinvestors.com.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from further declines in the securities markets and in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Fund's ability to maintain leverage and to pay dividends to common shareholders is subject to the restrictions in its registration statement, By-laws and other governing documents as well as the Investment Company Act of 1940.