Contact Information: Contact: Ellen E. Terry Vice President 617-263-6400 www.newamerica-hyb.com
New America Announces Terms of Rights Offering
| Source: The New America High Income Fund, Inc.
BOSTON, MA--(Marketwire - July 12, 2007) - The Board of Directors of The New America High
Income Fund, Inc. (NYSE : HYB ) (the "Fund") announced today the final terms
of a transferable rights offering.
Under the terms of the offering, the Fund will issue to its common
stockholders on the record date, which is July 24, 2007, or such later date
as the Fund's registration statement is declared effective by the
Securities and Exchange Commission, rights to subscribe for an aggregate of
32,143,181 shares of the Fund's common stock. Each stockholder will be
issued one right for each three shares of common stock owned on the record
date. The rights will entitle stockholders to acquire, at the subscription
price, one share of common stock for each right held. In addition, holders
of rights who subscribe for the maximum number of shares to which they are
entitled will be permitted to subscribe for additional shares. The rights
are transferable and are expected to be admitted for trading on the New
York Stock Exchange.
The subscription price per share will be the lower of (a) 94% of the
average of the last reported sales price of a share of the Fund's common
stock on the New York Stock Exchange on the Expiration Date and the nine
preceding business days and (b) 94% of the net asset value per share as of
the close of business on the Expiration Date. The Fund's rights offering is
expected to commence on the record date and expire at 5:00 p.m., Eastern
time, on August 20, 2007, unless extended, at the discretion of the Fund.
The rights offering is subject to the effectiveness of the Fund's
registration statement which has been filed with the Securities and
Exchange Commission. These securities may not be sold until the
registration statement becomes effective. This communication is not an
offer to sell these securities and it is not soliciting an offer to buy in
any state where the offer or sale is not permitted. The rights offering
will be made only by means of a prospectus.
The New America High Income Fund, Inc. is a diversified, closed-end
management investment company with a leveraged capital structure. The
Fund's investment adviser is T. Rowe Price Associates, Inc.