Tender Offer - PIMCO Access Income Fund

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Form Type: N-2/A

Filing Date: 2024-12-23

Corporate Action: Tender-offer

Type: Update

Accession Number: 000119312524283325

Filing Summary: The PIMCO Access Income Fund filed an N-2/A form indicating its intention to conduct an Eligible Tender Offer for all outstanding Common Shares. The transaction will occur within twelve months prior to the expected dissolution date of January 27, 2034. The Offer will be at a price equal to the net asset value per share. The Fund must maintain a minimum net asset threshold of $200 million to assure its viability post-tender offer. It highlights the risks associated with their strategy, including leverage and potential illiquidity in below investment grade debt securities. The document details the fund's investment strategy aimed at achieving current income alongside capital appreciation, specifically noting that a significant portion of investments will be in non-investment grade assets. Additionally, it discusses the management fees, the impact of leverage on investment performance, and the nature of the financial instruments utilized in the Fund's investment strategy.

Document Link: View Document

Additional details:

Management Fee: 1.25

Total Annual Expenses: 2.19

Nav Per Common Share: 15.39

Last Sale Price: 16.87

Target Dissolution Date: 2034-01-27

Dissolution Threshold: 200000000

Form Type: N-2

Filing Date: 2023-06-02

Corporate Action: Tender-offer

Type: New

Accession Number: 000119312523159944

Filing Summary: On June 2, 2023, PIMCO Access Income Fund filed a registration statement under the Securities Act of 1933 and the Investment Company Act of 1940 to conduct a tender offer for its common shares. The Fund, a closed-end investment company that commenced operations on January 31, 2022, intends to offer to purchase 100% of the outstanding Common Shares at the net asset value per share before the anticipated dissolution date. It has set a dissolution threshold of $200 million in net assets post tender offer completion. The proposal outlines changes to the Fund’s operations leading up to its scheduled liquidation in approximately January 2034, which may include changes to its portfolio strategy as part of the wind-down process. The strategy will focus on creating liquidity while navigating investments in various securities during this period. The document detailed investment objectives, risks associated with high-yield securities and leverage mechanisms used by the Fund, including reverse repurchase agreements and other financial derivatives, thus highlighting the Fund's approach to managing risk during its investment cycle.

Document Link: View Document

Additional details:

Investment Objective: Current income and capital appreciation

Dissolution Date: 2024-01-27

Dissolution Threshold: $200 million

Leverage Mechanism: reverse repurchase agreements, credit default swaps

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