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Putnam reports results for tender offers for auction-rate preferreds
By Susanna Moon
Chicago, Aug. 10 – Putnam Investments reported results from the tender offers by Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust for the outstanding auction-rate preferred shares, or ARPS.
The tender offers ended at one minute after 11:59 p.m. ET on Aug. 9, extended from one minute after 11:59 p.m. ET on Aug. 4.
As of the close of business on Aug. 4, investors had tended 5 series A and 473 series C shares of ARPS of Putnam Managed Municipal Income Trust and 541 series B and 1,064 series C shares of ARPS of the Putnam Municipal Opportunities Trust.
The company said on July 11 that the cash purchase price will be 89.75% of the liquidation preference of each outstanding series of ARPS plus accrued dividends through the expiration date.
In the end, Putnam accepted for purchase 2.04% of series A at a price of $89,750.00 per $100,000 of shares; 23.89% of the series C shares at a price of $44,875 per $50,000 of shares; 15.83% of series B shares at a price of $22,437.50 per $25,000 of shares; and 28.47% of the series C shares at a price of $22,437.50 per $25,000 of shares, according to a company notice on Thursday.
The tender offer was contingent on a third-party commitment to provide financing.
For the Putnam Management Municipal Income Trust, the issuer may be required by the fund’s bylaws to obtain consents from holders of at least a majority of the ARPS, the release noted.
AST Fund Solutions, LLC (888 540-8736) is the information agent.
The company announced plans for the tender on May 25.
Putnam is a money management firm based in Boston.
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