By Angela McDaniels
Tacoma, Wash., March 11 – Western Asset Municipal Partners Fund Inc. sold $66.5 million of series 1 variable-rate demand preferred stock, according to a company news release.
The 1,330 shares have a liquidation preference of $50,000 each.
The proceeds were used to fund the company’s tender offer for its series M auction-rate preferreds. The company purchased 1,330 auction-rate preferreds for $45,000 each, or 90% of the liquidation preference of $50,000 per share.
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 Municipal Partners Fund Inc.
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| Issue: | Series 1 variable-rate demand preferred stock
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| Amount: | $66.5 million
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| Shares: | 1,330
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| Liquidation preference: | $50,000
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| Announcement date: | March 11
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