Western Asset Managed Municipals Fund Inc. (NYSE: MMU) today
announced the completion of the merger of Western Asset Municipal
Partners Fund Inc. (NYSE: MNP and together with MMU, the “Funds” or
each, a “Fund”) with and into MMU (the “Merger”). Effective before
markets open on Monday, October 16, 2023, MNP stockholders became
MMU stockholders.
Each MNP common share, par value $0.001 per share,
converted into an equivalent dollar amount (to the nearest $0.001)
of full common shares, par value $0.001 per share, of MMU.
The conversion price was based on each Fund’s net asset value (NAV)
per share calculated at the close of business on Friday, October
13, 2023.
NAV, as of 10/13/23 market close
MMU
$10.8615
MNP
$12.7401
The conversion ratio was calculated at 1.172960 common shares of
MMU for each MNP common share. MMU did not issue any fractional
common shares to MNP stockholders. In lieu thereof, MMU purchased
all fractional shares at the then current NAV and remitted the cash
proceeds to former MNP stockholders in proportion to their
fractional shares.
MMU’s post-Merger net assets totaled $594,862,631.61, and its
NAV per common share was $10.8615 based on approximately 54,767,923
shares outstanding, as of the close of business on October 13,
2023.
As of the close of the Merger, the previously announced
distributions for October and November for MNP common stockholders
will be cancelled and MNP common stockholders will instead receive
MMU distributions for October and November.
In addition, MMU issued and delivered for distribution to
holders of shares of MNP Series 1 Variable Rate Demand Preferred
Stock (“MNP Series 1 VRDPS”) newly-issued shares of MMU’s Series 2
Variable Rate Demand Preferred Stock (“MMU Series 2 VRDPS”) with
the same aggregate liquidation preference and terms as MNP’s Series
1 VRDPS, respectively, issued and outstanding immediately before
the date of the Merger. The newly-issued MMU Series 2 VRDPS have
equal priority with any other outstanding shares of MMU’s Series 1
Variable Rate Demand Preferred Stock as to the payment of dividends
and as to the distribution of assets upon dissolution, liquidation
or winding up of the affairs of MMU. Any accrued and unpaid
dividends on the MNP Series 1 VRDPS have been assumed by MMU and
will be payable on the same dividend payment schedule.
Prior to the closing of the Merger, MNP’s outstanding Auction
Rate Cumulative Preferred Stock (“ARPS”) were redeemed in
connection with the Merger, pursuant to the redemption terms
outlined in the Articles Supplementary for MNP’s ARPS. In addition,
prior to the closing of the Merger, MMU’s outstanding ARPS were
redeemed in connection with the Merger, pursuant to the redemption
terms outlined in the Articles Supplementary for MMU’s ARPS. The
redemption price per share was equal to the sum of the liquidation
preference plus any accumulated, but unpaid, dividends thereon for
both MNP’s ARPS and MMU’s ARPS.
MMU is a closed-end, non-diversified management investment
company. MMU is managed by Legg Mason Partners Fund Advisor, LLC,
(“LMPFA”) and sub-advised by Western Asset Management Company, LLC
(“Western Asset”). Both LMPFA and Western Asset are indirect,
wholly-owned subsidiaries of Franklin Resources, Inc.
For more information, please call Investor Relations on
1-888-777-0102, or consult each Fund’s website at
www.franklintempleton.com/investments/options/closed-end-funds.
Hard copies of each Fund’s complete audited financial statements
are available free of charge upon request.
THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A
SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. 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. ALL STATEMENTS
OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND
CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,”
“EXPECT,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE” OR OTHER
SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH
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 EACH FUND’S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION.
About Western Asset
Western Asset is one of the world’s leading fixed-income
managers with 50 years of experience and $369.5 billion in assets
under management (AUM) as of September 30, 2023. 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 1,300 investment professionals, and offices in major
financial markets around the world, the California-based company
has over 75 years of investment experience and approximately $1.4
trillion in assets under management as of September 30, 2023. For
more information, please visit franklintempleton.com and follow us
on LinkedIn, Twitter and Facebook.
Category: Fund Announcement
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
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version on businesswire.com: https://www.businesswire.com/news/home/20231016427193/en/
Media: Fund Investor Services-1-888-777-0102
Western Asset Municipal ... (NYSE:MNP)
過去 株価チャート
から 11 2024 まで 12 2024
Western Asset Municipal ... (NYSE:MNP)
過去 株価チャート
から 12 2023 まで 12 2024
