Western Asset Middle Market Income Fund Inc. (XWMFX) Announces Tender Offer

Rhea-AI Summary

Western Asset Middle Market Income Fund (XWMFX) announced a Board-approved tender offer to repurchase up to 2.5% of its outstanding shares, with an additional 2% possible without amending the offer. The tender will be priced at the Fund's net asset value on expiration, expected around April 4, 2022. The offer starts on or about March 4, 2022. Shareholders will be informed as per SEC regulations. The Fund's complete audited financial statements are accessible upon request.

Positive

• Board-approved tender offer to repurchase up to 2.5% of outstanding shares.
• Potential to purchase an additional 2% of outstanding shares without amending the offer.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Western Asset Middle Market Income Fund Inc. (XWMFX) announced today that the Fund’s Board of Directors has approved a tender offer to purchase for cash up to 2.5% of the Fund’s outstanding shares of common stock, subject to the right to purchase up to an additional 2% of the Fund’s outstanding shares without amending or extending the offer. The tender offer will be conducted at a price equal to the Fund’s net asset value per share of common stock on the day on which the tender offer expires. The Fund intends to commence its tender offer on or about March 4, 2022, with the expiration of the tender offer currently expected to be April 4, 2022.

The tender offer will be made, and the stockholders of the Fund will be notified, in accordance with the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended, and other applicable rules and regulations. The tender offer described in this announcement has not yet commenced. This announcement is not an offer to purchase or a solicitation of an offer to buy shares of the Fund. The tender offer will be made only by an Offer to Purchase, a related Letter of Transmittal, and related documents. As soon as the tender offer commences, the Fund will file a tender offer statement on Schedule TO with the SEC, which will include an Offer to Purchase and related Letter of Transmittal. STOCKHOLDERS OF THE FUND SHOULD READ THESE DOCUMENTS BECAUSE THEY CONTAIN OR WILL CONTAIN THE TERMS OF THE TENDER OFFER. Documents filed with the SEC are available to investors for free at the SEC’s website (http://www.sec.gov).

*********************

Western Asset Middle Market Income Fund Inc. is a non-diversified closed-end management investment company. Legg Mason Partners Fund Advisor, LLC, the Fund’s manager, is an indirect, wholly-owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”) and the Fund’s subadvisers, Western Asset Management Company, LLC, Western Asset Management Company Limited, Western Asset Management Company Ltd and Western Asset Management Company Pte. Ltd., also are indirect wholly-owned subsidiaries of Franklin Resources.

Hard copies of the Fund’s complete audited financial statements are available free of charge upon request. Franklin Resources and its affiliates do not engage in selling shares of the Fund.

THIS RELEASE IS NOT A PROSPECTUS, CIRCULAR OR REPRESENTATION INTENDED FOR USE IN THE PURCHASE OR SALE OF FUND SHARES. 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 THE 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 ARE CONTAINED IN THE FUND’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.

For more information, please call 1-888-777-0102 or consult the Fund’s web site at www.franklintempleton.com.

Franklin Distributors, LLC is a subsidiary of Franklin Resources.

© 2022 Franklin Distributors, LLC. Member FINRA, SIPC

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/20220211005197/en/

Media: Fund Investor Services-1-888-777-0102

 

Source: Franklin Resources, Inc. and Legg Mason Closed End Funds

FAQ

What is the tender offer for Western Asset Middle Market Income Fund (XWMFX)?

The tender offer aims to repurchase up to 2.5% of outstanding shares, with a possibility to purchase an additional 2%.

When does the tender offer for XWMFX commence and expire?

The tender offer is set to commence on or about March 4, 2022, and expire on or about April 4, 2022.

How will the tender offer price be determined for XWMFX?

The tender offer price will be equal to the Fund's net asset value per share on the expiration date.

Where can shareholders access documents related to the tender offer for XWMFX?

Documents will be filed with the SEC and can be accessed for free on the SEC's website.