EXHIBIT H5
$60,000,000
THE NEW AMERICA HIGH INCOME FUND, INC.
(a Maryland corporation)
AUCTION TERM PREFERRED STOCK
2,400 Series D Shares
Liquidation Preference $25,000 Per Share
PRICING AGREEMENT
May 15, 1998
XXXXXXX XXXXX & CO.
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated
Xxxxxxx Xxxxx World Headquarters
World Financial Center
North Tower
New York, New York 10281-1305
Dear Sirs and Mesdames:
Reference is made to the Purchase Agreement, dated May 15, 1998 (the
"Purchase Agreement"), relating to the purchase by Xxxxxxx Xxxxx & Co., Xxxxxxx
Lynch, Xxxxxx, Xxxxxx & Xxxxx Incorporated (the "Underwriter") of 2,400 shares
of Auction Term Preferred Stock, Series D, with a par value of $1.00 per share
and a liquidation preference of $25,000 per share plus an amount equal to
accumulated but unpaid dividends (whether or not earned or declared) (the
"Shares") of The New America High Income Fund, Inc. (the "Fund").
Pursuant to Section 2 of the Purchase Agreement, the Fund agrees with the
Underwriter as follows:
1. The initial public offering price per share for the Shares,
determined as provided in said Section 2, shall be $25,000 plus
accumulated dividends, if any, from the date of original issue.
2. The purchase price per share for the Shares to be paid by the
Underwriter shall be. $24,787.50 plus accumulated dividends, if
any, from the date of original issue, being an amount equal to
the initial public offering price set forth above less $212.50
per share.
3. The dividend rate for the Shares for the initial dividend period
ending June 22, 1998 will be 5.63%.
If the foregoing is in accordance with your understanding of our agreement,
please sign and return to the Fund a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a single binding agreement
between the Underwriter and the Fund in accordance with its terms.
Very truly yours,
THE NEW AMERICA HIGH INCOME FUND, INC.
By: /s/ Xxxxx X. Xxxxx
--------------------
Name: Xxxxx X. Xxxxx
Title: Vice President
Confirmed and Accepted,
as of the date
first above written:
XXXXXXX LYNCH, XXXXXX, XXXXXX & XXXXX
INCORPORATED
By: /s/ Xxxxx Xxxxx
----------------
Authorized Signatory
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