The $29 million aggregate principal amount of auction rate preferred shares (ARPS) issued by Flaherty & Crumrine/Claymore Total Return Fund Incorporated (NYSE: FLC), a closed-end fund managed by Flaherty & Crumrine Incorporated, are paid in full (PIF) following the full redemption of outstanding shares as follows according to Fitch Ratings:
--580 T7 shares redeemed on June 24, 2009 to 'PIF' from 'AAA';
--580 W28 shares redeemed on July 9, 2009 to 'PIF' from 'AAA'.
The redemption of outstanding ARPS took place as part of a refinancing of the fund's leverage. The fund has drawn on its existing debt facility to finance the redemption. Borrowings from this debt facility are now the fund's sole source of leverage.
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Contacts:
Fitch Ratings, New York
Ian Rasmussen, 212-908-0232
Yuriy
Layvand, CPA, 212-908-9191
Media Relations:
Brian Bertsch,
212-908-0549
brian.bertsch@fitchratings.com