Boulder Total Return Fund, Inc. (NYSE: BTF) (the “Fund”) is pleased to announce that it intends to redeem all 680 outstanding shares of its Taxable Auction Market Preferred Stock (CUSIP No. 101541308) (the “AMPS”). The Fund will redeem the AMPS on April 10, 2013 at a price equal to the per share liquidation preference of $100,000 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.
Looking at the universe of stocks we cover at Dividend Channel, on 12/18/14, Boulder Total Return Fund Incorporated will trade ex-dividend, for its annual dividend of $0.2431, payable on 12/30/14. As a percentage of BTF's recent stock price of $26.61, this dividend works out to approximately 0.91%, so look for shares of Boulder Total Return Fund Incorporated to trade 0.91% lower — all else being equal — when BTF shares open for trading on 12/18/14.