Western Asset buys back 99% of auction-rate preferreds in tender offer

By Susanna Moon

Chicago, July 10 – Western Asset Premier Bond Fund said it accepted tenders for 2,863, or about 99%, of its outstanding auction-rate preferred shares.

The purchase price will be 97% of the liquidation preference of $25,000 per share, or $24,250 per share, plus accrued dividends through the end of the offer, according to a company press release.

The tender offer ended at 5 p.m. ET on July 3.

Deutsche Bank Trust Co. Americas (877 843-9767) is the information agent.

Western Asset Premier Bond Fund is a closed-end management investment company that invests primarily in a diversified portfolio of debt securities. The fund has been advised by New York-based Western Asset Management Co., a subsidiary of Legg Mason, Inc., since the fund’s inception in 2002.

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