Contact Information: Contact: Ellen E. Terry Vice President Telephone: 617-263-6400 www.newamerica-hyb.com
The New America High Income Fund Files Registration Statement for Transferable Rights Offering
| Source: The New America High Income Fund, Inc.
BOSTON, MA -- (MARKET WIRE) -- May 14, 2007 -- The New America High Income Fund, Inc. (the
"Fund")(NYSE : HYB ) announced today the filing of a Registration Statement
with the Securities and Exchange Commission regarding a transferable rights
offering to the holders of the Fund's common stock.
Under the expected terms of the offering, as described in the Registration
Statement, the Fund will issue to its common stockholders rights to
subscribe for an aggregate of approximately 32,106,000 shares of the Fund's
common stock. Each stockholder will have the opportunity to exercise rights
to purchase shares in an amount equal to approximately one-third of the
shareholder's record date holding. The method of pricing and the record
date will be determined and announced shortly before the commencement of
the offering, which the Fund presently anticipates will occur in July 2007.
The rights offering will entitle shareholders, and other rightholders
purchasing rights in the market, to acquire newly issued shares of stock of
the Fund. In addition, holders of rights who subscribe for the maximum
number of shares to which they are entitled will be permitted to subscribe
for additional shares. The Fund intends to apply to list the rights for
trading on the New York Stock Exchange.
The New America High Income Fund, Inc. is a diversified, closed-end
management investment company with a leveraged capital structure. The
Fund's investment adviser is T. Rowe Price Associates, Inc. As of March 31,
2007, T. Rowe Price and its affiliates managed approximately $350 billion
of assets, including approximately $69 billion of fixed income securities,
of which approximately $10.6 billion represented "high yield" investments.
T. Rowe Price has provided investment advisory services to investment
companies since 1937.
A Registration Statement relating to the securities has been filed with the
Securities and Exchange Commission but has not yet become effective. The
Fund may not sell these securities until the Registration Statement filed
with the Securities and Exchange Commission is effective. This
communication is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any state where the offer or
sale is not permitted.