NEW YORK--(BUSINESS WIRE)--

Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today issued the following statement regarding an agreement with First Trust Strategic High Income Fund II (ticker: FHY) (“First Trust” or the “Fund”).

“We are pleased to have reached this agreement with the board of First Trust and believe this outcome best serves the interests of the Fund and all of its shareholders. We appreciate the board’s constructive engagement, and are confident that as a result of this agreement, all shareholders will have the opportunity to benefit by tendering shares at a price close to the Fund’s net asset value.”

Under the terms of the agreement, First Trust, prior to or during the week of August 28, 2017, will commence a cash tender offer for up to 15% of the Fund’s outstanding common shares of beneficial interest at a price per share equal to 98% of the Fund’s net asset value (“NAV”) per share. The Fund will repurchase shares tendered and accepted in the tender offer in exchange for cash. In addition, Saba has agreed to certain standstill covenants until January 20, 2020.

Saba’s agreement with First Trust Strategic High Income Fund II follows a previous successful settlement Saba reached with First Trust High Income Long/Short Fund (ticker: FSD) in January 2017.

About Saba Capital

Saba Capital Management, L.P. is an Investment Adviser based in New York. Launched in 2009, Saba currently manages assets across three core strategies: Credit Relative Value, Tail Hedge, and Closed-End Funds.

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