13D Filing: Saba Capital and First Trust Strategic High Income Fund II (FHY)

Exhibit
C

Saba Press Release

SABA CAPITAL REACHES
AGREEMENT WITH FIRST TRUST STRATEGIC HIGH INCOME FUND II

First
Trust Strategic High Income Fund II To Promptly Commence Tender Offer

 

New
York, NY – August [XX], 2017 – 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.

 

Media

Gasthalter
& Co.

Jonathan
Gasthalter/Amanda Klein

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