Franklin Managed Municipal Income Trust Commences Issuer Tender Offer for Remarketed Preferred Shares

Franklin Managed Municipal Income Trust Commences Issuer Tender Offer for Remarketed Preferred Shares

Franklin Managed Municipal Income Trust (the “Fund”) (NYSE: PMM) announced today that it commenced an issuer tender offer for up to 100% of its outstanding Series A and Series C Remarketed Preferred Shares (the “Remarketed Shares”) at a price equal to 92.875% of the liquidation preference of $100,000 per Series A share, (or $92,875 per share) and $50,000 per Series C share, (or $46,437.50 per share), plus any unpaid dividends accrued through the termination date of the tender offer. Additional terms of the tender offer are set forth in the Fund’s tender offer materials, which have been filed with the U.S. Securities and Exchange Commission (“SEC”) and will be distributed to the holders of the Remarketed Shares.