Franklin Municipal Opportunities Trust Commences Issuer Tender Offer for Remarketed Preferred Shares
Key Highlights
- ➤PMO commenced issuer tender offer for up to 100% of outstanding Series B and Series C Remarketed Preferred Shares
- ➤Tender price $23,218.75 per share, equal to 92.875% of $25,000 liquidation preference
- ➤Tender offer includes unpaid dividends accrued through the offer termination date
- ➤Offer conditioned on private offering of new preferred shares matching accepted liquidation preference
- ➤PMO intends to replace leverage associated with tendered shares with New Preferred Shares
Franklin Municipal Opportunities Trust Commences Issuer Tender Offer for Remarketed Preferred Shares
Franklin Municipal Opportunities Trust (the “Fund”) (NYSE: PMO) announced today that it commenced an issuer tender offer for up to 100% of its outstanding Series B and Series C Remarketed Preferred Shares (the “Remarketed Shares”) at a price equal to 92.875% of the liquidation preference of $25,000 per Series B share and $25,000 per Series C share, (or $23,218.75 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.
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