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Federated funds to partially redeem auction market preferred shares
By Cristal Cody
Springdale, Ark., Aug. 7 - Federated Investors Inc. announced Thursday that it plans to partially redeem auction market preferred shares from the Federated Premier Municipal Income Fund and Federated Premier Intermediate Municipal Income Fund.
The Federated Premier Intermediate Municipal Income Fund plans to redeem $10.125 million, or 17%, of outstanding preferreds from series A on Aug. 25.
The Federated Premier Municipal Income Fund expects to redeem $9.6 million, or 18%, of outstanding preferreds from series A on Aug. 27.
The redemptions are part of a tender option bond refinancing that is expected to lower the funds' cost of leverage and provide liquidity.
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