PITTSBURGH, July 14, 2017 /PRNewswire/ -- Federated
Premier Intermediate Municipal Income Fund (NYSE: FPT) announced
today that it commenced a tender offer for up to 20 percent of its
outstanding common shares. The fund's tender offer will
expire on Aug. 11, 2017, at
5 p.m. EDT. The fund is offering to
purchase its outstanding common shares at a price per share equal
to 98 percent of its net asset value per share in U.S. dollars as
determined as of the end of regular trading on the NYSE on
Aug. 11, 2017.
As described in the tender offer materials, if more than 20
percent of the fund's outstanding common shares are duly tendered
(and not withdrawn) prior to the expiration date, the fund will
repurchase 20 percent of its outstanding common shares on a pro
rata basis (with appropriate adjustment to avoid purchase of
fractional common shares) upon the terms and subject to the
conditions of the tender offer. Accordingly, there is no
assurance that the fund will purchase all of a common shareholder's
tendered common shares. Additional terms and conditions of
the tender offer are set forth in the fund's tender offer
materials, which are being distributed to common
shareholders. There can be no assurance such terms and
conditions will be satisfied. In addition, under certain
circumstances, the fund may terminate or abandon the tender offer,
as described in the tender offer materials, and there can be no
assurance such circumstances will not arise.
The Board of Trustees of the fund, upon recommendation of the
fund's investment advisor, Federated Investment Management Company,
approved the tender offer. The tender offer was considered as
part of the Board's ongoing review of available options to enhance
value for the fund's common shareholders, to address the discount
at which the fund's common shares have traded and to provide
liquidity.
If, at the fund's sole discretion, the tender offer is extended
beyond Aug. 11, 2017, another press
release will be issued to provide notification of the extension and
the purchase price for tendered shares will be based on the net
asset value per share in U.S. dollars as determined as of the end
of regular trading on the NYSE on the last day of such
extension. Questions about the tender offer can be directed
to Georgeson LLC, the fund's information agent for its tender
offer, at toll free (866) 856-6388.
This announcement is not a recommendation, an offer to purchase,
or a solicitation of an offer to sell shares of the fund. Any
tender offer will be made only by an offer to purchase, a related
letter of transmittal, and other documents, which have been filed
with the Securities and Exchange Commission (SEC) as exhibits to
the tender offer statement on Schedule TO and are available
free of charge on the SEC's website at www.sec.gov. Common
shareholders should read the offer to purchase and tender offer
statement on Schedule TO and related exhibits for the fund as the
documents contain important information about the fund's tender
offer. The fund will also make available, without charge, the offer
to purchase and the letter of transmittal.
Federated Investors, Inc. (NYSE: FII) is one of the largest
investment managers in the United
States, managing $361.7
billion in assets as of March
31, 2017. With 123 funds, as well as a variety of
separately managed account options, Federated provides
comprehensive investment management worldwide to more
than 8,400 institutions and intermediaries including
corporations, government entities, insurance companies, foundations
and endowments, banks and broker/dealers. For more
information, visit FederatedInvestors.com.
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Certain statements made in this press release, such as those
related to the tender offer and it providing shareholder value,
reducing discount and providing liquidity, are forward-looking
statements. Actual future results or occurrences may differ
significantly from those anticipated in any forward-looking
statements due to numerous factors. These include, but are not
limited to: market developments; legal and regulatory developments;
and other additional risks and uncertainties. As a result, none of
the investment advisor, the fund or any other person assumes
responsibility for the accuracy and completeness of such statements
in the future.
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SOURCE Federated Premier Intermediate Municipal Income Fund