PITTSBURGH, Aug. 17, 2017 /PRNewswire/ -- Federated Premier
Intermediate Municipal Income Fund (NYSE: FPT) announced today that
in accordance with the terms of its tender offer, since the tender
offer was oversubscribed, it will purchase 20 percent of its issued
and outstanding common shares on a pro rata basis, with appropriate
adjustment to avoid purchase of fractional shares (the "proration
factor"). The purchase price is $14.13 per common share, which is 98 percent of
the net asset value per common share determined as of the close of
the regular trading session of the New York Stock Exchange on
Aug. 11, 2017.
A total of 2,562,139.3634 common shares were properly tendered
and not withdrawn by Aug. 11, 2017,
the final date for withdrawals, and the fund accepted for payment
1,396,465 common shares. The proration factor is approximately
.545064378. The fund will purchase the common shares that it
has accepted for payment as promptly as practicable.
The Boards of Trustees for FPT and Federated Premier Municipal
Income Fund (NYSE: FMN), upon the recommendation of the Funds'
investment adviser, Federated Investment Management Company, have
approved FPT reorganizing with and into FMN in what is expected to
be a tax-free transaction.
Federated Investors, Inc. (NYSE: FII) is one of the largest
investment managers in the United
States, managing $360.4
billion in assets as of June 30,
2017. With 122 funds, as well as a variety of separately
managed account options, Federated provides comprehensive
investment management worldwide to more than 8,500 institutions and
intermediaries including corporations, government entities,
insurance companies, foundations and endowments, banks and
broker/dealers. For more information, visit
FederatedInvestors.com.
###
This press release mentions a reorganization, which, if approved
by shareholders, would be conducted pursuant to an agreement and
plan of reorganization that will be included in a registration
statement filed by FMN (the Registration Statement). The
Registration Statement has been filed with the SEC but may be
amended or withdrawn until the Registration Statement is declared
effective by the SEC. The joint proxy statement/prospectus included
in the Registration Statement will not be distributed to
shareholders of FPT and FMN unless and until the Registration
Statement is declared effective by the SEC. The final joint proxy
statement/prospectus will contain information with respect to the
investment objectives, risks, charges and expenses of the funds and
other important information about FPT and FMN. The joint proxy
statement/prospectus will constitute neither an offer to sell
securities, nor will it constitute a solicitation of an offer to
buy securities, in any state where such offer or sale is not
permitted.
Shareholders should read the Registration Statement and joint
proxy statement/prospectus if and when those documents become
effective as they will contain important information about the
proposed reorganization. Investors should consider the
investment objectives, risks, charges and expenses of FPT and FMN
carefully.
Certain statements made in this press release, such as those
related to the reorganization, 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.
View original
content:http://www.prnewswire.com/news-releases/federated-premier-intermediate-municipal-income-fund-announces-final-results-of-tender-offer-300506261.html
SOURCE Federated Investors, Inc.