NEWPORT BEACH, Calif., March 15, 2000 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) today announced its distribution declaration of $0.60 per unit for the first quarter of 2000, payable April 30, 2000 to holders of record on March 31, 2000. This distribution compares with $0.60 in the fourth quarter of 1999 and $0.58 for the same quarter last year.
As previously announced, PIMCO Advisors anticipates that it will incur substantial costs as a result of the transactions contemplated by the agreement for Allianz AG to acquire majority ownership of PIMCO Advisors, including all of the interests held by PIMCO Advisors Holdings L.P. These transaction-related costs are expected to be 15 to 20 cents per unit in the aggregate of which approximately 7 cents per unit has been incurred to date. It is expected that the remainder of the transaction-related costs will be incurred prior to closing and will result in a nominal special distribution at the closing date. The unitholder meeting is scheduled for April 28, 2000, with closing expected to occur on or about May 5, 2000.
PIMCO Advisors is one of the largest investment management companies in the United States with more than $260 billion of assets under management. Led by its Pacific Investment Management and Oppenheimer Capital units, it is widely recognized for consistently posting attractive performance and providing high quality service to more than 1,600 institutional clients worldwide, including more than one-third of the nation's largest 100 corporations. In addition, PIMCO Advisors manages a family of 54 stock and bond mutual funds available to both retail and institutional investors.
Except for the historical information and discussions contained herein, statements contained in this news release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the pending acquisition by Allianz A.G., the investment performance of PIMCO Advisors L.P.'s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. PIMCO Advisors Holdings L.P. cautions readers to carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO Advisors Holdings L.P. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.