Dreyfus Strategic Municipal Bond Fund : Municipal Bond Closed-End Funds Announce Expiration and Preliminary Results of Issuer Tender Offers for Outstanding Auction Rate Preferred Stock
March 28, 2018 at 08:41 pm EST
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The Dreyfus Corporation and each of the Dreyfus municipal bond
closed-end funds listed below (each, the "Fund" and collectively, the
"Funds") announced today the expiration and preliminary results of the
previously announced issuer tender offer (each, a "Tender Offer") to
purchase up to 100% of the Fund's outstanding auction rate preferred
stock ("ARPS") at a price per share equal to 95% of the liquidation
preference of $25,000 per share (or $23,750 per share), plus any unpaid
ARPS dividends accrued through the expiration date of each Tender Offer.
Each Fund's Tender Offer expired on February 28, 2018 at 5:00 p.m.
Eastern Standard Time. All shares that were validly tendered and not
withdrawn during the offering period have been preliminarily accepted
for payment. Completion of each Fund's Tender Offer is conditional upon
its creation of tender option bonds on terms satisfactory to the Fund
and upon satisfaction of certain other conditions as set forth in the
Fund's Offer to Purchase and the related Letter of Transmittal (the
"Offer Documents").
Based upon current information, each Fund has preliminarily accepted
ARPS for payment as follows:
Ticker Symbol
Fund
Series
Cusip
ARPS Tendered
% of Outstanding
LEO
Dreyfus Strategic Municipals, Inc.
M
261932206
377
33.07%
LEO
Dreyfus Strategic Municipals, Inc.
T
261932305
393
34.47%
LEO
Dreyfus Strategic Municipals, Inc.
W
261932404
480
42.11%
LEO
Dreyfus Strategic Municipals, Inc.
TH
261932503
574
50.35%
LEO
Dreyfus Strategic Municipals, Inc.
F
261932602
720
63.16%
DSM
Dreyfus Strategic Municipal Bond Fund, Inc.
A
26202F206
542
43.71%
DSM
Dreyfus Strategic Municipal Bond Fund, Inc.
B
26202F305
578
46.61%
DSM
Dreyfus Strategic Municipal Bond Fund, Inc.
C
26202F404
628
50.65%
DMF
Dreyfus Municipal Income, Inc.
A
26201R201
384
38.40%
DMF
Dreyfus Municipal Income, Inc.
B
26201R300
407
40.70%
The number of ARPS to be repurchased by each Fund is subject to
adjustment and should not be regarded as final. The Funds' ARPS that
were not tendered remain outstanding.
This announcement is for informational purposes only and is not a
recommendation, an offer to purchase or a solicitation of an offer to
sell shares of any Fund. The complete terms and conditions of each
Tender Offer are set forth in the Offer Documents, as filed with the
Securities and Exchange Commission as exhibits to a tender offer
statement on Schedule TO and available free of charge at www.sec.gov.
The Dreyfus Corporation, a wholly-owned subsidiary of The Bank of New
York Mellon Corporation, serves as each Fund's investment adviser. The
Dreyfus Corporation was established in 1947 and is headquartered in New
York City. Additional information is available at www.im.bnymellon.com.
This press release is not a prospectus, circular or representation
intended for use in the purchase or sale of Fund shares. Statements
in this press release that are not historical facts are forward-looking
statements. Such forward-looking statements represent the Funds'
current plans based on information available at the time the statements
are made. You should exercise caution in interpreting and relying
on forward-looking statements, because they are subject to uncertainties
and other factors which are, in some cases, beyond a Fund's control and
could cause actual results to differ materially from those set forth in
the forward-looking statements. The Funds, The Dreyfus
Corporation, and any of their affiliates, directors, employees or agents
undertake no responsibility to update publicly or revise any
forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180228006668/en/
BNY Mellon Strategic Municipal Bond Fund, Inc. (the Fund) is a diversified closed-end management investment company. The Fund's investment objective is to seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. The Fund ordinarily invests all of its net assets in municipal obligations that provide income exempt from federal personal income tax, and has adopted a fundamental investment policy to invest, under normal market conditions, at least 80% of its net assets in municipal obligations. The Fund may purchase floating and variable rate obligations, municipal derivatives, such as custodial receipt programs created by financial intermediaries, tender option bonds, and participations in municipal obligations. The Fund invests in various industries, including transportation, education, medical, airport, water, power, utilities and multifamily housing. The Fund's investment adviser is BNY Mellon Investment Adviser, Inc.
Dreyfus Strategic Municipal Bond Fund : Municipal Bond Closed-End Funds Announce Expiration and Preliminary Results of Issuer Tender Offers for Outstanding Auction Rate Preferred Stock