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

Rhea-AI Summary

Western Asset Middle Market Income Fund (XWMFX) has announced a tender offer to purchase up to 2.5% of its outstanding shares at the net asset value on the expiration date. The tender offer is set to commence around September 3, 2021, and is expected to expire on October 4, 2021. The offer aims to provide liquidity to shareholders and is in accordance with regulatory requirements. Stockholders are advised to read the forthcoming Offer to Purchase document for complete terms.

Positive

• Tender offer to repurchase up to 2.5% of outstanding shares may enhance shareholder value.
• Offer price based on net asset value could provide liquidity for investors.

Negative

• None.

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 September 3, 2021, with the expiration of the tender offer currently expected to be October 4, 2021.

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.lmcef.com.

Legg Mason Investor Services, LLC is a subsidiary of Franklin Resources.

© 2021 Legg Mason Investor Services, 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/20210730005210/en/

FAQ

What is the purpose of the tender offer by Western Asset Middle Market Income Fund (XWMFX)?

The tender offer aims to purchase up to 2.5% of outstanding shares to enhance liquidity for shareholders.

When will the tender offer for Western Asset Middle Market Income Fund (XWMFX) commence?

The tender offer is expected to commence on or about September 3, 2021.

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

The expiration date for the tender offer is currently expected to be October 4, 2021.

How will shareholders be notified about the tender offer for Western Asset Middle Market Income Fund (XWMFX)?

Shareholders will be notified in accordance with the Securities Exchange Act and related regulations.

What price will shareholders receive in the tender offer for Western Asset Middle Market Income Fund (XWMFX)?

Shareholders will receive the net asset value per share on the day the tender offer expires.