Federated Hermes Premier Municipal Income Fund announces tender offer expiration

Rhea-AI Summary

Federated Hermes Premier Municipal Income Fund (NYSE: FMN) announced the expiration of its tender offer for 3,679,390 common shares, representing about 32% of outstanding shares. The offer, which closed on Oct. 11, 2024, was oversubscribed with 4,988,295 shares tendered. Due to oversubscription, purchases will be made on a pro-rata basis at 99% of the NAV per share, equaling $12.67 per share.

Federated Hermes, Inc. (NYSE: FHI), the parent company, is a global investment management firm with $782.7 billion in assets under management as of June 30, 2024. The company offers various investment strategies to over 10,000 institutions and intermediaries worldwide, employing more than 2,000 people globally.

Positive

• Tender offer was oversubscribed, indicating strong shareholder interest
• Purchase price set at 99% of NAV, potentially benefiting remaining shareholders
• Federated Hermes, Inc. manages $782.7 billion in assets, showcasing significant market presence

Negative

• Pro-rata share purchase due to oversubscription may disappoint some shareholders wanting to tender more shares

News Market Reaction

+0.87%

1 alert

+0.87% News Effect

On the day this news was published, FHI gained 0.87%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

PITTSBURGH, Oct. 14, 2024 /PRNewswire/ -- Federated Hermes Premier Municipal Income Fund (NYSE: FMN) announced today that its tender offer for 3,679,390 of its issued and outstanding common shares, representing approximately 32% of its outstanding common shares, expired at 5 p.m. Eastern on Oct. 11, 2024. The offer was oversubscribed. Because the number of shares tendered exceeded the number of shares the fund offered to purchase, the fund will purchase the maximum percentage of outstanding shares it previously announced on a pro-rata basis in accordance with the number of shares duly tendered by tendering stockholders and the terms of the Offer to Purchase (with appropriate adjustment to avoid purchase of fractional common shares).

Based upon preliminary information, 4,988,295 shares were tendered. The purchase price of properly tendered shares is 99% of the net asset value per share determined as of the close of the regular trading session of the New York Stock Exchange on Oct. 11, 2024, which is equal to $12.67 per share.

Investors can view additional portfolio information in the Products section of FederatedHermes.com/us.

Federated Hermes, Inc. (NYSE: FHI) is a global leader in active, responsible investment management, with $782.7 billion in assets under management, as of June 30, 2024. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide. For more information, visit FederatedHermes.com/us.

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View original content:https://www.prnewswire.com/news-releases/federated-hermes-premier-municipal-income-fund-announces-tender-offer-expiration-302275125.html

SOURCE Federated Hermes, Inc.

FAQ

What was the result of Federated Hermes Premier Municipal Income Fund's (FMN) tender offer?

The tender offer was oversubscribed, with 4,988,295 shares tendered for the 3,679,390 shares offered (32% of outstanding shares). Purchases will be made on a pro-rata basis at 99% of the NAV, which is $12.67 per share.

When did the tender offer for Federated Hermes Premier Municipal Income Fund (FMN) expire?

The tender offer expired at 5 p.m. Eastern on October 11, 2024.

What is the purchase price for the tendered shares of Federated Hermes Premier Municipal Income Fund (FMN)?

The purchase price is 99% of the net asset value per share, which equals $12.67 per share, determined as of the close of trading on October 11, 2024.

How much assets under management does Federated Hermes, Inc. (FHI) have as of June 30, 2024?

Federated Hermes, Inc. (FHI) has $782.7 billion in assets under management as of June 30, 2024.