The Pacholder High Yield Fund, Inc. (NYSE MKT: PHF) declared a distribution of $0.065 per common share payable on February 28, 2013 to shareholders of record on February 26, 2013. The ex-date for the dividend is February 22, 2013.
The Board of Directors has also authorized the Fund to decrease the amount of monthly dividends from $0.07 per common share to $0.065 per common share beginning with the February dividend described above. From April 2011 until January 2013, the Fund paid a monthly dividend of $0.07 per common share. The Fund anticipates paying a monthly dividend of $0.065 per common share, subject to market conditions and the requirement that the Fund maintains asset coverage of at least 200% of the Auction Rate Preferred Shares (“ARPS”) after payment of dividends. The amount of a monthly dividend, if any, may be more or less than the actual income earned by the Fund in a given month and the Board will continue to monitor the continuing appropriateness of the dividend level in light of market conditions and income earned by the Fund over time. In addition, during the last quarter of the year, the Board will consider the amount of undistributed net income remaining, if any, and may declare a special dividend.
Updated information on the amount of undistributed net income will continue to be included on the fact sheet available on the Fund’s website at www.pacholder.com. In the event that market conditions change such that the Fund would not meet its asset coverage requirements and/or is not able to declare or pay a dividend at the rate of $0.065 per common share, shareholders will be notified.
The Fund is a closed-end diversified management investment company with a leveraged capital structure. The Fund’s investment objective is to provide a high level of total return through current income and capital appreciation. Under normal circumstances, the Fund invests at least 80% of the value of its assets in high yield securities. The Fund invests primarily in fixed income securities of domestic companies. The Fund’s common stock is traded on the New York Stock Exchange MKT under the symbol “PHF.”
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