Franklin Municipal Opportunities Trust launches tender offer for Series B and C preferred shares at 92.875% of liquidation preference
PMO•Franklin Municipal Opportunities Trust launched a tender offer for up to 100% of its Series B and C Remarketed Preferred Shares at $23,218.75 per share, plus accrued unpaid dividends.
1. Tender offer terms
The offer price is 92.875% of the shares’ $25,000 liquidation preference, or $23,218.75 per share, plus accrued unpaid dividends. The tender is conditioned on the closing of a private offering of new preferred shares with a liquidation preference at least equal to the shares accepted in the offer.
2. Funding the offer
Proceeds from the new preferred shares are intended to replace leverage tied to any tendered Remarketed Shares.
