Putnam to refinance $81.1 million preferred shares for two closed-end funds

By Cristal Cody

Springdale, Ark., July 18 - Putnam Municipal Opportunities Trust and Putnam Managed Municipal Income Trust announced Friday plans to use tender option bonds to refinance $81.1 million of outstanding preferred shares.

Putnam Municipal Opportunities Trust expects to redeem $59.1 million of its $394 million outstanding preferred shares.

The trust will redeem $16.95 million from series A on Aug. 18; $15.075 million from series B on Aug. 19 and $27.075 million from series C on Aug. 22.

Putnam Managed Municipal Income Trust will redeem $22 million of its $220 million outstanding preferred shares.

The income trust will redeem $5.5 million from series A on Sept. 3; $5.5 million from series B on Sept. 17 and $11 million from series C on Aug. 20.

Putnam said it is not certain if the funds' remaining preferred shares will be redeemed.

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