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13D Filing: Saba Capital and Blackrock Debt Strategies Fund Inc. (DSU)

Published on October 3, 2017 at 1:52 pm by Insider Monkey Staff in Hedge Funds
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Page 4 of 9 – SEC Filing

This Amendment No. 1 (“Amendment
No. 1”) amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the
“SEC”) on September 14, 2016 (together with this Amendment No. 1, the “Schedule 13D”)
with respect to the common stock, par value $0.10 per share (the
“Common Shares”), of BlackRock Debt Strategies Fund, Inc. (the
“Issuer”). This Amendment No. 1 amends Items 3, 4, 5, 6 and 7 as set forth below.

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 of the Schedule 13D is hereby amended and restated as follows:
Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors in SCMF, SCMF II, SCLMF, SCS, SCEF 1 and SCEF 2 and the capital appreciation thereon and margin account borrowings made in the ordinary course of business.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time.  Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of $97,770,811 was paid to acquire the Common Shares reported herein.

 

Item 4. PURPOSE OF TRANSACTION
Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
The Reporting Persons have engaged, and may continue to engage, in discussions with management and the Board of Trustees of the Issuer regarding the long-term performance of the Issuer and the trading of the Common Shares at a discount to the Issuer’s net asset value.
On September 29, 2017, Saba Capital submitted to the Issuer a proposal (the “Proposal”) pursuant to Rule 14a-8 promulgated under the Securities Exchange Act of 1934.  The Proposal requests that the Board of Trustees of the Fund consider authorizing a self-tender offer for 30% of the Common Shares of the Fund at or close to net asset value.  The foregoing description of the Proposal is qualified in its entirety by the full text of the Proposal, a copy of which is attached as Exhibit 3 hereto and incorporated by reference herein.

 

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