Five MFS Closed-End Funds Announce Final Results of Tender Offers for Municipal Auction Rate Cumulative Preferred Shares
12 September 2012 - 11:16PM
Business Wire
MFS® California Municipal Fund (NYSE: CCA), MFS® High Income
Municipal Trust (NYSE: CXE), and MFS® Municipal Income Trust (NYSE:
MFM) each announced the expiration and final results for its cash
tender offer to purchase up to 100% of its outstanding Municipal
Auction Rate Cumulative Preferred Shares ("ARPS"). Each fund's
tender offer expired on September 12, 2012, at 8:00 a.m. New York
City time. All shares that were validly tendered and not withdrawn
during the offering period have been accepted for payment.
CCA has accepted for payment 977 ARPS, which represents
approximately 99.9% of its outstanding ARPS, and one (1) Municipal
Auction Rate Cumulative Preferred Share remains outstanding.
CXE has accepted for payment 3,675 ARPS, which represents
approximately 94.2% of its outstanding ARPS, and 225 ARPS remain
outstanding.
MFM has accepted for payment 4,259 ARPS, which represents
approximately 93.6% of its outstanding ARPS, and 291 ARPS remain
outstanding.
In addition, MFS® High Yield Municipal Trust (NYSE: CMU) and
MFS® Investment Grade Municipal Trust (NYSE: CXH) each announced
that all conditions to the closing of its cash tender offer to
purchase up to 100% of its outstanding ARPS have been satisfied.
CMU accepted for payment 2,844 ARPS, which represents approximately
94.8% of its outstanding ARPS, and 156 ARPS remain outstanding. CXH
accepted for payment 1,917 ARPS, which represents approximately
98.3% of its outstanding ARPS, and 33 ARPS remain outstanding.
The ARPS of each fund that were not tendered remain outstanding.
Pursuant to approval by ARPS holders, each fund's bylaws have been
amended to replace Standard & Poor’s, a division of The
McGraw-Hill Companies, Inc. ("S&P"), with Fitch, Inc.
("Fitch"), as a ratings agency for each fund's ARPS and make other
noted changes as described in the funds' Notice of Special Meeting
and Proxy Statement dated August 9, 2012. Otherwise, the terms of
the outstanding ARPS remain the same.
Stockholders who have questions about the tender offers should
contact their financial advisor or call Warren Antler of AST Fund
Solutions, Inc., each fund’s information agent for its tender
offer, at 212-400-2605.
Each fund offered to purchase its outstanding ARPS at a price
per share equal to 95% of the ARPS' per share liquidation
preference of $25,000 ($23,750 per share) plus any unpaid dividends
accrued through the expiration date of the tender offer.
MFS Investment Management® (MFS®) manages $293.4 billion in
assets as of August 31, 2012. The company traces its origins to
1924 and the creation of America's first mutual fund.
This release is not a prospectus, circular or representation
intended for use in the purchase or sale of fund shares. Shares of
the funds are not FDIC-insured and are not deposits or other
obligations of, or guaranteed by, any bank. Shares of the funds
involve investment risk, including possible loss of principal. For
more complete information about each fund, including risks,
charges, and expenses, please see the fund’s annual and semi annual
shareholder report.
The funds are closed-end funds. Common shares of the funds are
only available for purchase/sale on the NYSE at the current market
price, except MFS California Municipal Fund, which is available for
purchase/sale on the NYSE/AMEX at the current market price. Common
shares may trade at a discount to NAV.
MFS Investment Management500 Boylston
St., Boston, MA 02116
26098.1
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