This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

John Hancock Financial Opportunities Fund Enters Into A Credit Facility

BOSTON, Feb. 4, 2013 /PRNewswire/ -- John Hancock Financial Opportunities Fund, formerly known as John Hancock Bank and Thrift Opportunity Fund (NYSE: BTO) (the "Fund"), a John Hancock Closed-End Fund, announced today that it entered into a credit facility ("Credit Facility") with Bank of America, N.A., a subsidiary of Bank of America Corporation.  This comes after a special meeting of shareholders held on January 18, 2013, at which shareholders approved an amendment to the Fund's fundamental investment restriction to permit the Fund to engage in leverage by borrowing.

Under the Credit Facility, the Fund will have the ability to borrow up to $110 million from Bank of America, N.A. The Credit Facility will provide the Fund with flexibility to use the proceeds of borrowed money to take advantage of market opportunities by investing in additional portfolio securities.  The Fund's utilization of the Credit Facility is expected to be implemented over time.  Additional information regarding the Credit Facility, as well as the Fund's use of borrowings, will be disclosed in the Fund's next semi-annual shareholder report for the six months ending April 30, 2013.

Bank of America Corporation, through its subsidiaries, provides various banking and financial products and services to individual consumers, small-and middle-market businesses, institutional investors, corporations, and governments in the United States and internationally.

In addition to the implementation of leverage, over the past six months the Board of Trustees has implemented other important initiatives designed to enhance shareholder value, including a 30% increase in the annualized distribution rate from 5.0% of the Fund's net asset value to 6.5% of the Fund's net asset value under the Fund's managed distribution plan (the "Plan") and amending the Fund's 80% investment policy to provide the investment team with greater flexibility to take advantage of market opportunities by investing in a broader range of financial services companies.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs