MFS Investment Grade Municipal Trust announces an Equity Buyback
March 12, 2018 at 12:00 am EDT
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MFS Investment Grade Municipal Trust announces a share repurchase program. Under the program, The company will repurchase up to 738,668 shares, representing 7.5% of its outstanding shares. The shares will be repurchased at a price per share equal to 98 percent of the fund’s net asset value (NAV) per share as of the close of regular trading on the New York Stock Exchange (NYSE) on May 2, 2018. This tender offer follows a tender offer that was completed in September 2017 for 15% of the fund’s outstanding shares. The offer will be funded from cash on hand and from proceeds of sales of securities in the Fund’s investment portfolio. The purpose of the offer is to provide liquidity to the shareholders. This tender offer follows a tender offer that was completed in September 2017 for 15% of the fund’s outstanding shares. The offer will commence on April 3, 2018 and will be valid up to May 2, 2018. As on March 14, 2018, the company had 9,848,913 shares outstanding. The offer will commence on April 3, 2018 and will be valid up to May 2, 2018. As on February 28, 2017, the company had 9,848,913 shares outstanding.
Ropes & Gray LLP acted as legal advisor to the company; Georgeson LLC acted as information agent to the company.
MFS Investment Grade Municipal Trust (the Fund) is a diversified closed-end management investment company. The Fundâs investment objective is to seek high current income exempt from federal income tax, but may also consider capital appreciation. The Fund invests, under normal market conditions, at least 80% of its net assets, including assets attributable to preferred shares and borrowings for investment purposes, in tax-exempt bonds and tax-exempt notes. The Fund may also invest in below-investment grade quality debt instruments. It invests in various sectors, such as healthcare, general obligations, universities, water and sewer utilities, toll roads, student loan, airports, and state and local appropriations. The fund offers a Dividend Reinvestment and Cash Purchase Plan that allows common shareholders to reinvest either all the distributions paid by the fund or only the long-term capital gains. The Fund's investment adviser is Massachusetts Financial Services Company.
MFS INVESTMENT GRADE MUNICIPAL TRUST 
