Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the “Fund”) is pleased to announce that it intends to redeem all 1,000 outstanding shares of its Series M28 Auction Market Preferred Stock (CUSIP No. 101507200) (the “AMPS”). The Fund will redeem the AMPS on April 23, 2013 at a price equal to the per share liquidation preference of $25,000 plus accumulated and unpaid dividends.
The Fund has entered into a Committed Facility Agreement with a financial institution to provide the financing to redeem the AMPS. The Fund’s board of directors approved the refinancing, which is expected to lower the costs of leverage for the Fund.
The Fund’s obligation to redeem the AMPS is contingent upon it having sufficient funds available to it through its borrowing arrangement to fund the redemption.