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Dreyfus municipal funds give auction-rate preferred tender results
By Wendy Van Sickle
Columbus, Ohio, March 1 Dreyfus Corp. announced the results of three municipal bond closed-end funds tender offers to purchase outstanding auction-rate preferred stock.
The tender offers ended at 5 p.m. ET on Feb. 28. The offers were announced on Nov. 28.
The tender offers covered the Dreyfus Strategic Municipals, Inc. series M, T, W, TH and F auction-rate preferreds; the Dreyfus Strategic Municipal Bond Fund, Inc., series A, B and C auction-rate preferreds; and Dreyfus Municipal Income, Inc. auction-rate preferreds, series A and B, according to a company announcement.
The purchase price will be $23,750 per share, or 95% of the $25,000 liquidation preference, plus accrued dividends through the expiration date of the tender.
The following tenders were received and are expected to be accepted:
337, or 33.07%, of the outstanding Dreyfus Strategic Municipals, Inc. series M auction-rate preferreds;
393, or 34.47%, of the outstanding Dreyfus Strategic Municipals, Inc. series T auction-rate preferreds;
480, or 42.11%, of the outstanding Dreyfus Strategic Municipals, Inc. series W auction-rate preferreds;
574, or 50.35%, of the outstanding Dreyfus Strategic Municipals, Inc. series TH auction-rate preferreds;
720, or 63.16%, of the outstanding Dreyfus Strategic Municipals, Inc. series F auction-rate preferreds;
542, or 43.71%, of the outstanding Dreyfus Strategic Municipal Bond Fund, Inc. series A auction-rate preferreds;
578, or 46.61%, of the outstanding Dreyfus Strategic Municipal Bond Fund, Inc. series B auction-rate preferreds;
628, or 50.65%, of the outstanding Dreyfus Strategic Municipal Bond Fund, Inc. series C auction-rate preferreds;
384, or 38.4%, of the outstanding Dreyfus Municipal Income, Inc. series A auction-rate preferreds; and
407, or 40.7%, of the outstanding Dreyfus Municipal Income, Inc. series B auction-rate preferreds.
AST Fund Solutions LLC is the information agent (877 478-5047).
Dreyfus Corp. is a New York-based asset management and distribution company and wholly owned subsidiary of Bank of New York Mellon Corp.
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