SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐
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| ☐ | | Definitive Proxy Statement |
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| ☒ | | Definitive Additional Materials |
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| ☐ | | Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12 |
WESTERN ASSET CORPORATE LOAN FUND INC.
(Name of Registrant as Specified in Its Charter)
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Your Vote Is
Important
No Matter How Many or
How Few Shares You Own
February 12, 2020
Dear Fellow Stockholder:
The Western Asset Corporate Loan Fund Inc. Board of Directors, working with the Fund’s management team, has a strong track record of delivering substantial returns that outpace our key benchmark1 average. The Board is independent, diverse and brings the right Financial expertise and other relevant skills to continue to act in your best interests and build on this positive momentum. We urge you to vote today on the WHITE Proxy Card “FOR” our Board nominees and “AGAINST” the Non-Binding Bylaws Amendment Proposal from Bulldog Investors LLC (“Bulldog”), a professional activist investor.
The Board Is Committed to Delivering Strong Distributions to Stockholders
We know stockholders invest in the Fund for its stable distribution payouts and we are committed to meeting and exceeding your expectations.
INCREASED dividends by 18.9% in 2019
RAISED distribution yield to 7.63%2
Driving Competitive Performance to OUTPERFORMING2 THE BENCHMARK1
Generate Enhanced Returns
Together with the Fund’s management team and investment 18.82%
advisor, your Board has delivered strong distributions and vs. 8.70% on a 1-year basis
driven consistent outperformance relative to our key benchmark
average1.
5.53% vs. 4.73% on a 5-year basis
Over the last year we have taken additional steps to
improve our portfolio, driving 1-year returns2 of 18.82%,
more than double our key benchmark average1
of 8.70%.
Bulldog is Attempting to Facilitate its Short-term Agenda at Your Expense
Your Board has a track record of delivering competitive financial performance and strong stockholder returns, and is taking steps to build on this progress. Conversely, Bulldog is seeking to derail our momentum and potentially prevent the Fund from delivering the stable returns you rely on. By nominating directors to the Board, Bulldog is attempting to weaken our Board with nominees who would support its self-interested agenda. Bulldog has a long history of attacking funds like ours in order to pressure the funds into implementing actions that would generate a quick profit for investors like Bulldog at the expense of other long-term stockholders. Bulldog is following the same playbook in its attack against the Fund.
We are committed to defending the Fund against this attack and preventing Bulldog from executing its self-interested agenda at your expense.
PROTECT THE VALUE OF YOUR INVESTMENT — VOTE THE WHITE PROXY CARD TODAY
Let your voice be heard. Protect the value of your investment and vote the WHITE proxy card today. Whether or not you plan to attend the Annual Meeting, you have an opportunity to protect the value of your investment by voting on the WHITE Proxy Card “FOR” the Western Asset Corporate Loan Fund Inc. nominees and “AGAINST” Bulldog’s Non-Binding Bylaws Amendment Proposal.
Thank you for your support.
Sincerely,
The Western Asset Corporate Loan Fund Inc. Board of Directors
Your Vote is Important, No Matter How
Many or How Few Shares You Own
You can vote by internet, telephone or by signing and dating the WHITE Proxy Card and mailing it in
the envelope provided.
If you have any questions about how to vote your shares or need additional assistance, please contact:
Innisfree M&A Stockholders Call Toll Free: (877) 750-8198
Incorporated Banks and Brokers Call: (212) 750-5833
REMEMBER
We urge you NOT to vote using any green proxy card sent to you by Bulldog Investors, as doing so will revoke
your vote on the WHITE Proxy Card.
Notes
1 The S&P/LSTA Performing Loan Index is a sub-index of the S&P/LSTA Leveraged Loan Index (LLI) and it is all loans excluding those in payment default. The S&P/LSTA Leveraged Loan Index tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The facilities included represent a broad cross section of leveraged loans syndicated in the U.S., including dollar denominated loans to overseas issuers. The market value return component of the Index is based on secondary market pricing received from dealers.
2 Based on market price for the period ending December 31, 2019.
Forward Looking Statement
Past performance is no guarantee of future results. The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice.
All investments are subject to risk including the possible loss of principal. All benchmark performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in a benchmark.
