John Hancock Announces Refinancing and Redemption of All Outstanding Preferred Shares of John Hancock Income Securities Trust (JHS)

John Hancock Funds announced that it has restructured $89 million of leverage employed by the John Hancock Income Securities Trust (JHS), a leveraged closed-end bond fund. A senior secured credit facility provided by a commercial bank will be used to redeem and replace 100 percent of the outstanding Auction Rate Preferred Securities (ARPS) issued by Income Securities Trust, and to change the form of leverage from ARPS to debt.

John Hancock Announces Refinancing and Redemption of All Outstanding Preferred Shares of John Hancock Income Securities Trust (JHS)
Source: PR Newswire