NEWPORT BEACH, Calif., Nov. 4, 1999 (PRIMEZONE) -- PIMCO Commercial Mortgage Securities Trust, Inc. (NYSE:PCM) (the "Fund"), a closed-end bond fund which invests principally in investment grade commercial mortgage-backed securities, announced that PIMCO Advisors Holdings L.P. (NYSE:PA) ("PIMCO Holdings"), its operating subsidiary PIMCO Advisors L.P. ("PIMCO Advisors"), and Allianz AG (EURO:ALV) ("Allianz") reached a definitive agreement on October 31, 1999 for Allianz to acquire majority ownership of PIMCO Advisors, including its wholly-owned subsidiary Pacific Investment Management Company ("PIMCO"), which serves as the investment manager to the Fund. The acquisition is expected to be completed by the end of the first quarter of 2000.
Consummation of the transaction will effect a "change in control" of PIMCO and therefore a technical "assignment" and termination of the current investment management agreement between PIMCO and the Fund. Prior to consummation of the transaction, the Fund's Board of Directors will meet to consider approval of a new investment management agreement with PIMCO. A new investment management agreement would also be subject to the approval of the shareholders of the Fund. No date has been set for the meeting of shareholders.