Western Asset municipal funds plan private offerings of preferreds

By Stephanie N. Rotondo

Phoenix, Jan. 22 – Three funds managed by Legg Mason Partners Fund Advisor, LLC and sub-advised by Western Asset Management Co. plan to issue new preferred stock in exchange for auction-rate preferreds currently being tendered for.

The tender offers are contingent upon the closing of the proposed private offering of new preferred shares, the company said in press releases published Thursday. The new securities must have a liquidation preference at least equal to those issues included in the tender.

Western Asset Intermediate Muni Fund Inc. will issue shares with a liquidation preference of at least $25,000 per share, as will Western Asset Managed Municipals Fund Inc. Western Asset Municipal Partners Fund Inc. will sell shares with a $50,000 liquidation preference.

The funds are based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.