BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE:DCF) Declares Monthly Distribution, Announces Removal of Non-Fundamental Investment Restriction and Announces Conference Call

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE:DCF) (the "Fund") today announced its monthly distribution of $0.054 per share of common stock, payable on March 26, 2020, to shareholders of record at the close of business on March 12, 2020. The ex-dividend date is March 11, 2020. The previous distribution declared in January was $0.054 per share of common stock.

The Fund intends to pay most, but likely not all, of its net income to common shareholders in monthly income dividends. As portfolio and market conditions may change, the distribution rate, the composition of the distribution and the Fund's policy to declare distributions monthly may be subject to change, including by the Board of Directors.

The Fund also announced that its Board of Directors has approved the removal of a non-fundamental investment restriction that prohibits the Fund from investing in credit instruments (other than floating rate senior secured loans or investments in the structured credit strategy backed by such senior secured loans) with an expected maturity date extending beyond June 1, 2025 (the "Expected Maturity Restriction"). Currently, the Fund may invest in credit instruments of any maturity or duration, subject to the Expected Maturity Restriction. As of March 27, 2020 (the "Effective Date"), the Fund will no longer be subject to the Expected Maturity Restriction. Portfolio management believes removing the Expected Maturity Restriction will provide greater investment flexibility to meet the Fund's investment objectives and enhance yield and total return opportunities without increased risk, while allowing the Fund to be more competitive with similar funds in its peer group.

BNY Mellon Investment Adviser, Inc. ("BNY Mellon Investment Adviser"), the Fund's investment adviser, and Alcentra NY, LLC ("Alcentra"), the Fund's sub-investment adviser, will host a conference call to discuss the removal of the Expected Maturity Restriction, as well as the current high yield, senior loan and collateralized loan obligation markets. The Fund's portfolio managers, Chris Barris and Kevin Cronk, CFA, will participate on the call.

The information for the call is as follows:

Date:

Thursday, March 12, 2020

Time:

4:15 p.m.

Toll-Free Dial-in Number:

888-256-1007

Passcode:

4877519

A replay of the conference call will be made available shortly after the conference call at 888-203-1112. To hear the replay, please use passcode 4877519.

About the Fund

The Fund is a diversified, closed-end investment company that has a limited term of approximately seven years. The Fund's investment objectives are to seek high current income and to return at least $9.835 per share of the Fund's common stock, to holders of record of such common stock on or about December 1, 2024 (the "Termination Date"). The Fund is scheduled to terminate on or about the Termination Date unless its term is extended for one period of up to six months by a vote of the Board of Directors. The Termination Date may not be extended for more than one period of up to six months without an amendment to the Fund's charter approved by a majority of the Fund Board, 75% of the Continuing Directors (as defined in the Fund's charter) and the affirmative vote of the holders of at least 75% of the outstanding voting securities of the Fund. The Fund has broad flexibility to liquidate its portfolio, wind-down its business and make liquidating distributions to investors in a manner and on a schedule it believes will best contribute to the achievement of its investment objectives.

In seeking to achieve its investment objectives, the Fund currently intends to set aside and retain in its net assets a portion of its net investment income, and possibly all or a portion of its capital gains. This will reduce the amounts otherwise available for distribution to shareholders, and the Fund may incur taxes on such retained amounts. The Fund will continue to pay at least the percentage of its net investment income and any capital gains necessary to maintain its status as a regulated investment company for U.S. federal income tax purposes. In addition, the actual composition and character of the distribution described above and future distributions of the Fund may be materially different from the composition or character of such distributions that existed at the time of this press release. Factors that may affect Fund distributions include the varied nature of the Fund's investments and the performance of those investments, and that the ultimate characterization of the Fund's distributions cannot finally be determined until the end of the Fund's fiscal year, resulting in the possibility of a return of capital if the Fund makes total distributions during a fiscal year in an amount that exceeds the Fund's net investment income and net realized capital gains for the fiscal year. As a result of the foregoing and other factors, no assurance can be given as to the actual composition or character of Fund distributions at the time of this press release by the Fund, BNY Mellon Investment Adviser, Alcentra, nor any of their affiliates, directors, members, officers or employees.

"Expected maturity" means the time of expected return of the majority of the instrument's principal and/or the time when a reasonable investor would expect to have the majority of the principal returned. The expected maturity of some credit instruments may be the same as the stated maturity. Certain credit instruments may have mandatory call features, prepayment features or features obligating the issuer or another party to repurchase or redeem the instrument at dates that are earlier than the instruments' respective stated maturity dates. For these credit instruments, expected maturity is likely to be earlier than the stated maturity.

Shares of closed-end investment companies, such as the Fund, typically trade on a national stock exchange, and these shares frequently trade at a discount to their net asset value, which may increase investors’ risk of loss. Past performance is no guarantee of future results.

About BNY Mellon Investment Adviser

As part of BNY Mellon Investment Management, BNY Mellon Investment Adviser is an asset management company that provides individuals, financial advisors, and institutional clients with investment solutions in the U.S. The firm accesses a broad range of investment solutions from BNY Mellon’s global network of world-class investment managers, which includes asset classes spanning global, international and domestic equity, fixed income, alternatives, retirement and cash management strategies. BNY Mellon Investment Adviser offers 130 mutual funds with AUM of $230 billion across long only and money market strategies as of December 31, 2019.

About Alcentra

Founded in 2002, Alcentra is one of Europe’s largest and longest tenured managers of private debt with US $41.1 billion AUM, as of December 31, 2019 (including accounts managed by Alcentra NY, LLC, Alcentra Limited, and assets managed by Alcentra personnel for affiliates under dual officer arrangements). Strategies include senior loans, high yield bonds, direct lending, structured credit, distressed debt, and multi-strategy credit. Alcentra is a subsidiary of The Bank of New York Mellon Corporation and is headquartered in London, with offices in New York, Boston and San Francisco as well as representatives in Singapore and Hong Kong.

The Bank of New York Mellon Corporation holds the majority of The Alcentra Group, which is comprised of the following affiliated companies: Alcentra Ltd. and Alcentra NY, LLC. are registered with the U.S. Securities & Exchange Commission under the Investment Advisers Act of 1940. Alcentra Ltd is authorized and regulated by the Financial Conduct Authority – Registration number 196845 - and regulated by the Securities Exchange Commission – Registration number 801-74223. Registered office for Alcentra Ltd is 160 Queen Victoria Street, London, EC4V 4LA, UK. Alcentra NY, LLC is regulated by the Securities Exchange Commission – Registration number 801-62417. Registered office for Alcentra NY, LLC is 200 Park Avenue, New York, NY 10166, USA. Assets under management reflect assets of all accounts and portions of client accounts managed by Alcentra and its affiliates.

About BNY Mellon Investment Management

BNY Mellon Investment Management is one of the world’s leading investment management organizations and one of the top U.S. wealth managers, with $1.9 trillion in assets under management as of December 31, 2019. It encompasses BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies. BNY Mellon Investment Management is a division of BNY Mellon, which has $37.1 trillion in assets under custody and/or administration as of December 31, 2019. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

All information source BNY Mellon as of December 31, 2019. This press release is qualified for issuance in the U.S. only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized.

Contacts:

For Press Inquiries:
BNY Mellon Investment Adviser, Inc.
Benjamin Tanner
(212) 635-8676

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