NEW YORK--(BUSINESS WIRE)--Western Asset High Income Opportunity Fund Inc. (NYSE: HIO) announced today the expiration and preliminary results for its issuer tender offer for up to 25% of the outstanding shares of common stock of the Fund. The Fund’s tender offer expired on Monday, November 16, 2020 at 11:59 p.m., New York City time.

Based on current information, approximately 60,615,942 Shares were duly tendered and not withdrawn. Because the number of Shares tendered exceeds 31,699,738 Shares, the tender offer has been oversubscribed. Therefore, in accordance with the terms and conditions specified in the tender offer, the Fund will purchase Shares from all tendering stockholders on a pro rata basis, disregarding fractions. The purchase price and final number of Shares validly tendered and accepted pursuant to the tender offer will be announced at a later date. The Fund expects to make cash payments for tendered and accepted Shares at a purchase price equal to 99.5% of the per Share net asset value as of the close of the regular trading session of the New York Stock Exchange on November 17, 2020. Payment for such Shares will be made on or about November 19, 2020. Shares that were not tendered will remain outstanding.

Any questions about the tender offer can be directed to Georgeson LLC, the information agent for the tender offer, toll free at (888) 607-9107.

About the Fund

Western Asset High Income Opportunity Fund Inc., a diversified, closed-end management investment company, is managed by Legg Mason Partners Fund Advisor, LLC, an indirect wholly-owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”), and is sub-advised by Western Asset Management Company, LLC and Western Asset Management Company Limited, indirect wholly-owned subsidiaries of Franklin Resources and affiliates of the investment manager.