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Security Profile
- Security Type
- Closed-End Fund
- CUSIP
- 95766A101
- Market Cap
- Small Cap · $480 Million
- IPO
- 12/3/2003 · $20.00/share
- Previous Symbol
- ESD (changed 12/19/2016)
- Parent Company
- Legg Mason, Inc. (LMI)
Fund Description: Western Asset Emerging Markets Debt Fund Inc., formerly the Salomon Brothers Emerging Markets Debt Fund, is a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund's primary investment objective is total return. The Fund's secondary investment objective is high current income. FUND STRATEGY: In pursuit of these objectives, the Fund, under normal conditions, invests at least 80% of its net assets, plus any borrowings for investment purposes, in debt securities of emerging markets issuers located in emerging market countries. The fund's investments in debt securities of emerging market issuers may include dollar and non-dollar denominated (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal, or other governments with taxing authority, or by their agencies or instrumentalities, including Brady Bonds; (b) debt obligations of supranational entities; (c) debt obligations and other fixed-income securities of foreign corporate issuers; (d) debt obligations of U.S. corporate issuers; (e) corporate debt securities issued by corporations that generate significant profits from emerging market countries; and (f) structured securities, including but not limited to, warrants, options and other derivatives, whose price is directly linked to emerging market securities or indices. FUND MANAGEMENT: Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc. (NYSE: LM), is the Fund's investment manager, and provides administrative and management services to the Fund. Western Asset Management Company, an affiliate of the adviser, is the Fund's subadviser and is responsible for the day-to-day portfolio management of the Fund.
Notes: December 19, 2016 -- Western Asset Emerging Markets Debt Fund Inc. (NYSE:ESD) announced today the completion of the mergers of Western Asset Emerging Markets Income Fund Inc. (previously NYSE:EMD) with and into ESD and Western Asset Worldwide Income Fund Inc. (previously NYSE:SBW) with and into ESD. Effective immediately, both, EMD and SBW stockholders became ESD stockholders. Effective immediately, ESD will change its NYSE ticker symbol from ESD to the ticker symbol EMD. Each EMD and SBW share converted into an equivalent dollar amount (to the nearest $0.0001) of full shares of ESD. The conversion price was based on each Fund’s net asset value (NAV) per share calculated at the close of business on Friday, December 16, 2016. NAV, as of 12/16/16 market close
EMD $12.0770
SBW $12.2768
ESD $16.8796
The conversion ratios were calculated at 0.715479 common shares of ESD for each EMD common share and 0.727316 common shares of ESD for each SBW common share. ESD did not issue any fractional shares to EMD and SBW stockholders. In lieu thereof, ESD purchased all fractional shares at the current NAV and remitted the cash proceeds to former EMD and SBW stockholders in proportion to their fractional shares. ESD’s post-merger net assets totaled $1,025,371,797 and its NAV per common share was $16.88 based on approximately 60,746,222 shares outstanding, as of the close of business on December 16, 2016. EMD, SBW and ESD are non-diversified closed-end management investment companies managed by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and sub-advised by Western Asset Management Company, which is also a subsidiary of Legg Mason, Inc. Contact each Fund at 1-888-777-0102 for additional information, or consult each Fund's web site at www.lmcef.com. Hard copies of each fund’s complete audited financial statements are available free of charge upon request.
Company Contact
- CEO
- R. Jay Gerken
- CFO
- Kaprel Ozsolak
- Headquarters
- 55 Water Street, New York, NY 10041
- Phone
- 888-777-0102 · Toll-Free 888-777-0102
- Investor Relations
- Brenda Grandell · 212-857-8087