Western Asset High Income Fund II Inc. Announces Preliminary Results of Transferable Rights Offering

Western Asset High Income Fund II Inc. (NYSE: HIX) (CUSIP: 95766J-10-2) (“HIX” or the “Fund”) announced today the completion of its transferable rights offering (the “Offer”). The Offer expired at 5:00 PM Eastern Time on February 26, 2024 (the “Expiration Date”) and the Rights no longer trade on the New York Stock Exchange (“NYSE”).

Pursuant to the Offer, the Fund issued one transferable right (a “Right”) for each common share of the Fund held by stockholders of record (“Record Date Stockholders”) as of January 29, 2024. Holders of Rights were entitled to purchase shares of common stock by submitting three Rights and the subscription price per share for each share purchased. The subscription price per share is $4.30, which is equal to 90% of the Fund’s net asset value per share of common stock at the close of trading on the NYSE on February 26, 2024.

The Offer is expected to result in the issuance of 22,508,740 shares of common stock (including notices of guaranteed delivery), resulting in anticipated gross proceeds to the Fund of over $96 million. The Offer was oversubscribed. The shares of common stock subscribed for are expected to be issued on or about March 4, 2024, after completion of the allocation of shares, proration of the oversubscription of shares and receipt of all shareholder payments. The Fund will return to subscribing investors the full amount of any excess payments.

The information herein is not complete and is subject to change. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Fund’s securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus supplement and accompanying prospectus. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The base prospectus contains this and additional information about the Fund, and the prospectus supplement contains this and additional information about the Offer, and should be read carefully before investing. Shares of closed-end investment companies, such as the Fund, frequently trade at a discount from their net asset value. The market price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below, or above their net asset value.