Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2012 > News item |
DWS municipal funds extend tender offers for outstanding preferreds
By Susanna Moon
Chicago, Oct. 29 - DWS Municipal Income Trust (KTF) and DWS Strategic Municipal Income Trust (KSM) each extended the tender offer for its respective outstanding preferred shares to 5 p.m. ET on Nov. 2.
As of Oct. 26, the most recent deadline, investors had tendered 94.99% of KTF's outstanding remarketed preferred shares and 86.39% of KSM's outstanding auction-rate preferreds.
Each fund extended its offer to "provide holders of preferred shares who may still want to participate in the tender offer the opportunity to do so. There can be no guarantee that there will be future liquidity for the funds' preferred shares," according to a company press release.
The offers began on Sept. 27 and were originally set to end on Oct. 26.
KTF is offering to purchase its outstanding remarketed preferred shares at a price equal to 96% of the preferreds' per share liquidation preference of $5,000, or $4,800 per remarketed preferred, plus any unpaid dividends accrued through the tender offer expiration date.
KSM is offering to purchase its outstanding auction-rate preferred shares at a price equal to 96% of the auction-rate preferreds' per share liquidation preference of $25,000, or $24,000 per auction-rate preferred, plus any unpaid dividends accrued through the tender offer expiration date.
KTF's tender offer is conditioned upon receiving tenders for at least 90% of its outstanding remarketed preferred shares. KSM's offer is conditioned on receiving tenders for at least 70% of its outstanding auction-rate preferreds.
In addition, each fund's tender offer is conditioned on the completion of refinancing with enough proceeds to fund the offer.
Deutsche Bank Trust Co. Americas (800 735-7777) is the information agent for the offers.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.