Franklin Managed Municipal Income Trust launches tender offer for Series A and C shares at 92.875% of liquidation preference
FMN•Franklin Managed Municipal Income Trust launched a tender offer for up to 100% of its Series A and Series C Remarketed Preferred Shares at 92.875% of liquidation preference. Completion depends on closing a private offering of new preferred shares matching the liquidation preference accepted in the tender.
1. Tender offer terms
The trust set the offer price at $92,875 per Series A share and $46,437.50 per Series C share. Unpaid dividends accrued through the offer’s termination date will be paid on shares accepted.
2. Completion condition
Completion hinges on closing a private offering of new preferred shares matching the liquidation preference accepted in the tender. The proceeds are intended to replace leverage associated with the tendered Remarketed Shares.
