Western Asset Managed Municipals Fund Inc. Announces Completion of Merger and Share Conversion Price
- The completion of the merger between Western Asset Managed Municipals Fund Inc. and Western Asset Municipal Partners Fund Inc. has resulted in MNP stockholders becoming MMU stockholders. This could potentially have a positive impact on the stock price of MMU.
- None.
Each MNP common share, par value
NAV, as of 10/13/23 market close
MMU |
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MNP |
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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
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
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
Category: Fund Announcement
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
View source version on businesswire.com: https://www.businesswire.com/news/home/20231016427193/en/
Media: Fund Investor Services-1-888-777-0102
Source: Franklin Resources, Inc. and Legg Mason Closed End Funds
FAQ
What is the conversion ratio for MNP shares to MMU shares?
What is the net asset value per common share of MMU after the Merger?
What happened to the previously announced distributions for MNP stockholders?
What happened to MNP's Auction Rate Cumulative Preferred Stock and MMU's ARPS?
What type of company is MMU?
