Contact Information: Contact: Ellen E. Terry Vice President 617-263-6400 www.newamerica-hyb.com
The New America High Income Fund Announces Completion of Transferable Rights Offering
| Source: The New America High Income Fund, Inc.
BOSTON, MA--(Marketwire - September 18, 2007) - The New America High Income Fund, Inc.
(NYSE : HYB ) (the "Fund") announced today the results of its Rights Offering,
which expired Monday, September 17, 2007 at 5:00 p.m., Eastern time. The
Fund received primary and over-subscription requests for approximately 18.6
million shares of its common stock in the Rights Offering. All requests for
over-subscription shares will be satisfied since the requests for primary
subscriptions were less than the approximately 32.1 million shares offered.
Under the terms of the Rights Offering, the subscription price per share
was the lower of (a) 94% of the average of the last reported sales prices
of a share of the Fund's Common Stock on the New York Stock Exchange on the
expiration date of the offer and the nine preceding business days and (b)
94% of the net asset value per share as of the close of business on the
expiration date of the offer. The actual subscription price was $1.83 per
share.
It is expected that confirmations to participants in the Rights Offering
will be mailed out on or before September 26, 2007. Any payment received
from participants in excess of the actual subscription price for shares
subscribed for will be refunded as soon as practicable.
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 June 30,
2007, T. Rowe Price and its affiliates managed approximately $379 billion
of assets, including approximately $74 billion of fixed income securities,
of which approximately $10.2 billion represented "high-yield" investments.
T. Rowe Price has provided investment advisory services to investment
companies since 1937.
The Fund's common stock is listed on the New York Stock Exchange under the
symbol "HYB."