BNP Paribas Prime Brokerage International Limited provided a new credit facility of up to $125 million for BNY Mellon High Yield Strategies Fund.
The new facility replaces the fund’s previous credit facility from another provider.
The credit facility is evergreen, subject to standard notice and termination provisions, and is secured by the fund’s investments. Borrowings under the new credit facility are at an interest rate of one-month LIBOR plus 90 basis points.
BNY Mellon is an investment management firm.