By Angela McDaniels
Tacoma, Wash., March 4 – Western Asset Managed Municipals Fund Inc. sold $217.58 million of series 1 variable-rate demand preferred stock, according to a company news release.
The 8,703 shares have a liquidation preference of $25,000 each.
The proceeds were used to fund the company’s tender offer for its series M, T, W, Th and F municipal auction-rate cumulative preferred shares.
The closed-end management investment company is based in New York. It is managed by Legg Mason Partners Fund Advisor, LLC and sub-advised by Western Asset Management Co.
| Issuer: | Western Asset Managed Municipals Fund Inc.
|
| Issue: | Series 1 variable-rate demand preferred stock
|
| Amount: | $217,575,000
|
| Shares: | 8,703
|
| Liquidation preference: | $25,000
|
| Announcement date: | March 4
|
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