Saba Capital Income & Opportunities Fund Announces Final Results of Tender Offer

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Saba Capital Income & Opportunities Fund (NYSE: BRW) announced the final results of its oversubscribed tender offer for up to 30% of its outstanding common shares, which expired on July 19, 2021. A total of 75,266,484 shares were tendered, with the Fund purchasing 36,453,372 shares on a pro rata basis, yielding a pro-ration factor of 48.433%. The purchase price per share was set at $4.851, equivalent to 99% of the Fund's net asset value per share at the close of trading on the expiration date.

Positive

The tender offer was oversubscribed, indicating strong shareholder interest.
The purchase price reflects 99% of the Fund's net asset value per share.

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None.

07/22/2021 - 08:20 AM

Saba Capital Income & Opportunities Fund (NYSE: BRW) (the 鈥淔und鈥�) today announced the final results of the Fund鈥檚 tender offer (the 鈥淭ender Offer鈥�) for up to 30% of its outstanding common shares (the 鈥淪hares鈥�). The Tender Offer, which expired at one minute past 11:59 p.m. Eastern Time on July 19, 2021, was oversubscribed.

Therefore, in accordance with the terms and conditions of the Tender Offer, the Fund will purchase Shares from all tendering shareholders on a pro rata basis, after disregarding fractions, based on the number of Shares properly tendered (鈥淧ro-Ration Factor鈥�). The final results of the Tender Offer are provided in the table below.

Number of Shares Tendered	听	Number of Tendered Shares to be Purchased	听	Pro-Ration Factor	听	Purchase Price*
75,266,484	听	36,453,372	听	48.433%	听	$4.851

*Equal to 99% of the Fund鈥檚 net asset value per Share as determined as of the close of the regular trading session of the New York Stock Exchange on July 19, 2021 (the day on which the Tender Offer expired).

Questions regarding the Tender Offer may be directed to Innisfree M&A Incorporated, the Information Agent for the Tender Offer, toll free at:

Shareholders may call toll free: (877) 825-8964
Banks and Brokers may call collect: (212) 750-5833

Important Notice

This press release is for informational purposes only and shall not constitute a recommendation or an offer or a solicitation to buy any common shares. The offer to purchase Fund common shares is being made pursuant to an offer on Schedule TO. Common shareholders may obtain a free copy of the offer to purchase and other documents filed with the SEC at the website maintained by the SEC at or by directing such requests to the Fund.

About Saba Capital Income & Opportunities Fund

Saba Capital Income & Opportunities Fund is a publicly-traded registered closed-end management investment company with an investment objective to provide investors with a high level of current income, with a secondary goal of capital appreciation. The Fund鈥檚 common shares trade on the New York Stock Exchange under the ticker symbol 鈥淏RW鈥�. The Fund is managed by Saba Capital Management, L.P.

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FAQ

What was the result of the BRW tender offer?

The tender offer was oversubscribed with 75,266,484 shares tendered and 36,453,372 shares purchased on a pro rata basis.

What is the pro-ration factor for the BRW tender offer?

The pro-ration factor for the tender offer was 48.433%.

What was the purchase price per share in the BRW tender offer?

The purchase price per share was $4.851.

When did the BRW tender offer expire?

The BRW tender offer expired on July 19, 2021.

What does the oversubscription of the BRW tender offer indicate?

The oversubscription indicates strong interest from shareholders in the tender offer.

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