BofA Provides $110MM Facility to John Hancock Fund
John Hancock Financial Opportunities Fund announced that it entered into a credit facility with Bank of America. The company said this comes after a special meeting of shareholders, at which shareholders approved an amendment to the fund’s fundamental investment restriction to permit the fund to engage in leverage by borrowing.
Under the credit facility, the fund will have the ability to borrow up to $110 million from Bank of America. The facility will provide the Fund with flexibility to use the proceeds of borrowed money to take advantage of market opportunities by investing in additional portfolio securities.