Simpson Thacher represented the underwriters, led by Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., and UBS Securities LLC in connection with the initial public offering of Stone Harbor Emerging Markets Total Income Fund (the “Fund”). The offering raised approximately $276 million, assuming full exercise of the underwriters’ option to purchase additional shares.
The Fund is a diversified closed-end management investment company which trades on the New York Stock Exchange under the symbol “EDI”. The Fund’s investment objective is to maximize total return, which consists of income and capital appreciation from investments in emerging markets securities. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in emerging markets debt and up to 20% of its total assets in emerging markets equity. Stone Harbor Investment Partners LP, a global fixed-income investment management firm focused on credit risk strategies and asset allocation, is the Fund’s investment adviser.
The Simpson Thacher team for the transaction included: Sarah Cogan, Rafael Vasquez and Rodrigo Surcan dos Santos (Capital Markets); Jonathan Cantor and Devin Heckman (Tax); Joyce Xu, Solomon Bash and Philip Powers (Derivatives); and Jennie Getsin (Blue Sky and FINRA).
