# EDGAR Filing Document

**Accession Number:** 0001497186
**File Stem:** 0001193125-25-165249
**Filing Date:** 2025-7
**Character Count:** 14891
**Document Hash:** 56449d4644f4ee39c16a89ab8afbccab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-165249.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001193125-25-165249

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western Asset High Yield Defined Opportunity Fund Inc.
- **CENTRAL INDEX KEY:** 0001497186

**ORGANIZATION NAME:**
- **EIN:** 273075810
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86509
- **FILM NUMBER:** 251151111

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 888-777-0102

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western Asset High Yield Defined Opportunity Fund Inc.
- **CENTRAL INDEX KEY:** 0001497186

**ORGANIZATION NAME:**
- **EIN:** 273075810
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 888-777-0102

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**As filed with the Securities and Exchange Commission on July 25, 2025** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE TO** 

**TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**(Final Amendment)** 

## Western Asset High Yield Defined Opportunity Fund Inc.
**(Name of Subject Company (issuer))** 

**Western Asset High Yield Defined Opportunity Fund Inc.** 

**(Name of Filing Person (offeror))** 

**Common Stock** 

**$0.001 Par Value Per Share** 

**(Title of Class of Securities)** 

**95768B107** 

**(CUSIP Number of Class of Securities)** 

**MARC A. DE OLIVEIRA, ESQ.** 

**SECRETARY AND CHIEF LEGAL OFFICER** 

**100 FIRST STAMFORD PLACE, 6<sup>TH</sup> FLOOR** 

**STAMFORD, CONNECTICUT 06902** 

**(203) 703-7026** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement)** 

***Copy to:***

**David W. Blass, Esq.** 

**Ryan P. Brizek, Esq.** 

**Debra Sutter, Esq.** 

**Simpson Thacher & Bartlett LLP** 

**900 G Street, NW** 

**Washington D.C. 20001** 

**(202) 636-5500** 

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which this statement relates:

☐ third party tender offer subject to Rule 14d-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ issuer tender offer subject to Rule 13e-4

☐ going-private transaction subject to Rule 13e-3

☐ amendment to Schedule 13D under Rule 13d-2

Check the following box if the filing is a final amendment reporting the results of the tender offer. ☒

------

This Final Amendment relates to the Issuer Tender Offer Statement on Schedule TO (the "Statement") originally filed on June 20, 2025 by Western Asset High Yield Defined Opportunity Fund Inc., a Maryland corporation (the "Fund") in connection with an offer by the Fund (the "Offer") to purchase for cash up to 100% of its issued and outstanding shares of common stock, par value $0.001 per share, for cash at a price per share equal to 100% of the Fund's net asset value per share as of the close of regular trading session on the New York Stock Exchange ("NYSE") on July 21, 2025, upon the terms and subject to the conditions contained in the Offer to Purchase dated June 20, 2025 (the "Offer to Purchase") and the related Letter of Transmittal.

This is the Final Amendment to the Statement and is being filed to report the results of the Offer. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Offer to Purchase.

The following information is furnished pursuant to Rule 13e-4(c)(4):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Offer expired at 5:00 p.m., New York City time, on July 21, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Approximately 9,852,972 Shares of the Fund were validly tendered and not withdrawn prior to the expiration of
the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Shares were repurchased at a price of $12.09 per Share, as of the close of the regular trading session of
the New York Stock Exchange on July 21, 2025.

Except as specifically provided herein, the information contained in the Statement, as amended, and the Letter of Transmittal remains unchanged and this Amendment does not modify any of the information previously reported on the Statement, as amended, or the Letter of Transmittal.

ITEM 12. EXHIBITS

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION |
| (a)(1)(i) | [Offer to Purchase, dated June 20, 2025](http://www.sec.gov/Archives/edgar/data/1497186/000119312525143722/d917558dex99a1i.htm)<sup>(</sup><sup>1)</sup>. |
| (a)(1)(ii) | [Form of Letter of Transmittal](http://www.sec.gov/Archives/edgar/data/1497186/000119312525143722/d917558dex99a1ii.htm)<sup>(1)</sup>. |
| (a)(1)(iii) | [Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees](http://www.sec.gov/Archives/edgar/data/1497186/000119312525143722/d917558dex99a1iii.htm)<sup>(1)</sup>. |
| (a)(1)(iv) | [Form of Letter to Clients of Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees](http://www.sec.gov/Archives/edgar/data/1497186/000119312525143722/d917558dex99a1iv.htm)<sup>(1)</sup>. |
| (a)(1)(v) | [Form of Letter to Stockholders](http://www.sec.gov/Archives/edgar/data/1497186/000119312525143722/d917558dex99a1v.htm)<sup>(1)</sup>. |
| (a)(2) | None. |
| (a)(3) | Not Applicable. |
| (a)(4) | Not Applicable. |
| (a)(5) | [Press release issued on July 22, 2025](d12683dex99a5.htm) |
| (b) | None. |
| (d) | None. |
| (e) | None. |
| (g) | None. |
| (h) | None. |
| (i) | [Calculation of Filing Fee Table](d12683dexfilingfees.htm) |

---

(1) Previously filed on Schedule TO-I via EDGAR on June 20,
2025. 2

------

SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | |
|:---|:---|:---|
|  | WESTERN ASSET HIGH YIELD DEFINED OPPORTUNITY FUND INC. | WESTERN ASSET HIGH YIELD DEFINED OPPORTUNITY FUND INC. |
|  | By: | /s/ Jane Trust |
|  |  | Name: Jane Trust |
|  |  | Title: Chairman, Chief Executive Officer and President |
| Dated: July 25, 2025 |  |  |

---

------

EXHIBIT INDEX

(a)(5) [Press release issued on July 22, 2025](d12683dex99a5.htm)

(i) [Calculation of Filing Fee Table](d12683dexfilingfees.htm)

## Ex-99.(A)(5)

Exhibit (a)(5)

**WESTERN ASSET HIGH YIELD DEFINED OPPORTUNITY FUND INC.** 

**ANNOUNCES FINAL TENDER OFFER RESULTS AND ELIMINATION OF TERM** 

NEW YORK – (<u>BUSINESS WIRE</u>) - July 22, 2025 – Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI) (the "Fund") announced today the expiration and final results for its issuer tender offer for up to 100% of the outstanding shares of common stock ("Shares") of the Fund (the "Tender Offer"). The Tender Offer expired on Monday, July 21, 2025, at 5:00 p.m., New York City time.

Based on current information, approximately 9,852,972 Shares were duly tendered and not withdrawn, representing approximately 43% of the Fund's common shares outstanding. The Shares accepted for tender were repurchased at a price of $12.09 per Share, equal to 100% of the per Share net asset value as of the close of the regular trading session of the New York Stock Exchange on July 21, 2025. Following the Tender Offer, the Fund will have approximately total net assets of $155 million.

Payment for such Shares will be made on or about July 28, 2025. 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 (877) 325-6848.

As previously announced on June 9, 2025, stockholders approved the proposal to convert the Fund to a perpetual fund by eliminating the Fund's term, which was scheduled to end at the close of business on September 30, 2025, and eliminating the Fund's fundamental policy to liquidate on or about September 30, 2025, subject to the Fund maintaining at least $75 million of net assets following the completion of the Tender Offer, which was described in the Fund's proxy statement dated March 31, 2025 and the offer to purchase dated June 20, 2025 relating to the Tender Offer.

As a result of the successful completion of the Tender Offer, the proposals described in the Fund's proxy statement dated March 31, 2025, and in the offer to purchase relating to the Tender Offer will be implemented. In particular:

• Since the Fund maintained at least $75 million of net assets following the Tender Offer, the Fund will
change its name from "Western Asset High Yield Defined Opportunity Fund Inc." to "Western Asset High Yield Opportunity Fund Inc." on or about August 1, 2025. The Fund's ticker symbol will remain "HYI". The
Fund's CUSIP, 95768B107, will not change; and

• The Fund's investment manager has agreed to waive 20 basis points of its annual management fee (the
"Fee Waiver") for a period of one year following the proposal's approval by stockholders. The Fee Waiver will terminate on June 6, 2026.

------

**About the Fund** 

The Fund is a non-diversified, limited-term, closed-end management investment company managed by Franklin Templeton Fund Adviser, LLC ("FTFA") and is sub-advised by Western Asset Management Company, LLC ("Western Asset"), Western Asset Management Company Pte. Ltd. ("Western Asset Singapore"), Western Asset Management Company Ltd ("Western Asset Japan") and Western Asset Management Company Limited ("Western Asset London") are the Fund's subadvisers. FTFA, Western Asset, Western Asset Singapore, Western Asset Japan and Western Asset London are indirect, wholly-owned subsidiaries of Franklin Resources, Inc.

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the Fund's current plans and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties is contained in the Fund's filings with the SEC.

For more information about the Fund, please call Fund Investor Services: 1-888-777-0102, or consult the Fund's web site at www.franklintempleton.com/investments/options/closed-end-funds. The information contained on the Fund's web site is not part of this press release. Hard copies of the Fund's complete audited financial statements are available free of charge upon request.

**About Western Asset** 

Western Asset is one of the world's leading fixed-income managers with 50 years of experience and $243.1 billion in assets under management (AUM) as of May 31, 2025. With a focus on long-term fundamental value investing that employs a top-down and bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed income sectors. Founded in 1971, Western Asset has been recognized for delivering superior levels of client service alongside its approach emphasizing team management and intensive proprietary research, supported by robust risk management. To learn more about Western Asset, please visit www.westernasset.com.

*Western Asset is an independent specialist investment manager of Franklin Templeton.* 

**About Franklin Templeton** 

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.60 trillion in assets under management as of May 31, 2025.

------

For more information, please visit <u>franklintempleton.com</u> and follow us on <u>LinkedIn</u>, <u>X</u> and <u>Facebook</u>.

Category: Fund Announcement

Investor Contact: Fund Investor Services-1-888-777-0102

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

Media Contact: Jeaneen Terrio

+1-212-632-4005

<u>Jeaneen.Terrio@franklintempleton.com</u>

## Ex-Filing

Exhibit (i)

**Calculation of Filing Fee Tables** 

**Schedule TO** 

(Form Type)

**Western Asset High Yield Defined Opportunity Fund Inc.** 

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Transaction Valuation</u> 

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction <br> Valuation | Fee<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rate  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of <br> Filing Fee |
| &nbsp;&nbsp;&nbsp; Fees to Be Paid |  | 0.0001531 |  |
| &nbsp;&nbsp;&nbsp; Fees Previously Paid | $269,283,663(a) |  | $41,227.33(b) |
| &nbsp;&nbsp;&nbsp; **Total Transaction Valuation** | $269,283,663(a) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Fees Due for Filing** |  |  | $41,227.33(b) |
| &nbsp;&nbsp;&nbsp; **Total Fees Previously Paid** |  |  | $41,227.33(b) |
| &nbsp;&nbsp;&nbsp; **Total Fee Offsets** |  |  | $0.00 |
| &nbsp;&nbsp;&nbsp; **Net Fee Due** |  |  | $0.00 |

---

(a) Calculated as the aggregate maximum purchase price to be paid for Shares in the offer. The fee of $41,227.33
was paid in connection with the filing of the Schedule TO-I by Western Asset High Yield Defined Opportunity Fund Inc. (File No. 005-86509) on June 20, 2025
(the "Schedule TO"). This is the final amendment to the Schedule TO and is being fled to report the results of the offer.

(b) Calculated at $153.10 per $1,000,000 of the Transaction Valuation.