Simpson Thacher represented Western Asset High Yield Defined Opportunity Fund Inc. (the “Fund”) in connection with its initial public offering of common stock. The offering raised approximately $479,000,000, assuming full exercise of the underwriters’ overallotment option. The Fund is a newly organized, non-diversified, limited term, closed-end management investment company which trades on the New York Stock Exchange under the symbol “HYI”. The underwriting syndicate for the offering was led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated, and Wells Fargo Securities, LLC.
The Fund’s primary investment objective is to provide high income. The Fund seeks to achieve its investment objectives by investing primarily in a portfolio of high-yield corporate fixed income securities.
Legg Mason Partners Fund Advisor, LLC is the Fund’s investment manager. The Fund’s subadviser is Western Asset Management Company, a subsidiary of Legg Mason, Inc.
The Simpson Thacher team for the transaction included: Sarah Cogan, Gabrielle Kelleher, Rafael Vasquez, Jeremy Barr, Eric Gyasi and former STB associates Celine Hwang and Ana Navia (Capital Markets); and Marcy Geller, Jonathan Cantor and Amie Broder (Tax). Paralegal Desiree Wiggins provided valuable assistance.