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Franklin Limited to redeem series M, W, F auction preferreds
By Wendy Van Sickle
Columbus, Ohio, Aug. 21 – Franklin Limited Duration Income Trust plans to redeem all of its outstanding series M, W and F auction preferred shares no later than Aug. 31, according to a press release.
There are 1,200 preferred shares of each series outstanding. Each preferred share will be redeemed at the liquidation preference of $25,000 plus accumulated dividends, amounting to $25,051.11, $25,051.10 and $25,051.13 for the series M, W and F preferreds, respectively.
The fund plans to replace the leverage from the preferreds with financing through a new loan facility.
The San Mateo, Calif.-based closed-end investment company is managed by Franklin Advisers, Inc.
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