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Saba Capital Reaches Agreement With Delaware Investments National Municipal Income Fund
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
The Delaware Investments National Municipal Income Fund (NYSE: VFL) has announced a significant cash tender offer for up to 50% of its outstanding shares at 99% of the Fund's net asset value (NAV). This agreement was reached with Saba Capital Management and aims to benefit shareholders by allowing them to sell their shares close to NAV. Saba's Partner, Paul Kazarian, expressed optimism that the Tender Offer will positively impact all shareholders, reflecting a constructive engagement with the Fund’s board.
Positive
The Fund will offer to repurchase up to 50% of its outstanding shares, enhancing liquidity for shareholders.
Shares will be repurchased at 99% of NAV, providing shareholders with a favorable exit price.
Negative
None.
Delaware Investments National Municipal Income Fund to Commence Significant Tender Offer
NEW YORK--(BUSINESS WIRE)--
Saba Capital Management, L.P. and certain associated parties (collectively “Saba” or “we”) today announced that it has reached an agreement with Delaware Investments National Municipal Income Fund (NYSE: VFL) (the “Fund”).
Under the terms of the agreement, the Fund will commence a significant cash tender offer for up to 50% of the Fund’s outstanding shares of common stock at a price per share equal to 99% of the Fund’s net asset value (“NAV”) per share (the “Tender Offer”). The Fund will repurchase shares tendered and accepted in the Tender Offer in exchange for cash. In exchange for the Tender Offer, Saba agreed to certain customary standstill provisions.
“Saba is pleased to have reached this agreement through constructive engagement with the Fund’s board and Delaware Management Company, a series of Macquarie Investment Management Business Trust,” said Paul Kazarian, Partner and Portfolio Manager at Saba. “We believe all shareholders will benefit from the Tender Offer contemplated by the agreement as it enables shareholders to tender their shares at a price close to the Fund’s net asset value.”
About Saba Capital Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of institutional clients. The firm, which is a pioneer of credit relative value and capital structure trading, currently invests across four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Founded in 2009 by Boaz Weinstein, Saba is privately held by its partnership and headquartered in New York City. Learn more at www.sabacapital.com.
What is the tender offer announced by Delaware Investments National Municipal Income Fund (VFL)?
Delaware Investments National Municipal Income Fund (VFL) announced a cash tender offer to repurchase up to 50% of its outstanding shares at 99% of its net asset value.
Who is involved in the tender offer for VFL?
Saba Capital Management reached an agreement with Delaware Investments National Municipal Income Fund to initiate the tender offer.
When will the tender offer for VFL commence?
The press release does not specify the exact commencement date for the tender offer, only that it is planned.
