NEW YORK, Nov. 9, 2018 /PRNewswire/
-- AllianceBernstein National Municipal Income Fund, Inc.
("ANMIF" - NYSE: AFB) (the "Fund") announced today that it
commenced a voluntary tender offer to purchase up to 100% of its
outstanding auction preferred shares ("APS") at a price per share
equal to 98.75% of the liquidation preference of $25,000 per share (or $24,687.50 per share), plus any unpaid dividends
accrued through the expiration date of the tender offer. The
Fund's tender offer will expire on December
13, 2018, at 5:00 p.m. Eastern
Time (or such later date to which the tender offer is
extended). If the offer is extended beyond December 13, 2018, another press release will be
issued to provide notification of the extension. Additional
terms and conditions of the Fund's tender offer are set forth in
the Fund's tender offer materials, which have been filed with the
Securities and Exchange Commission ("SEC") and will be distributed
to APS holders.
The Fund's tender offer will be conditioned upon the successful
private placement of new preferred shares proposed to be issued by
the Fund and certain other conditions as will be set forth in the
Fund's offer to purchase and related letter of transmittal.
The Fund's new preferred shares, if successfully placed, will
allow the Fund to replace the leverage currently obtained through
tendered APS with new preferred shares. The investment
adviser and the Board of Directors of the Fund believe the tender
offer and proposed issuance of preferred shares by the Fund is in
the best interests of the Fund and its stockholders.
Any questions about the tender offer can be directed to
Georgeson, LLC, the Fund's information agent for its tender offer,
at toll free (800) 932-9864.
Alliance California Municipal Income Fund, Inc. ("ACMIF" - NYSE:
AKP) simultaneously announced that it is not proceeding with a
tender offer for its outstanding APS at this time.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of the Fund. Any
tender offer will be made only by an offer to purchase, a related
letter of transmittal and other related documents, which have been
filed with the SEC as exhibits to a tender offer statement on
Schedule TO and are available free of charge at the SEC's website
at www.sec.gov. APS holders of the Fund should read these
documents and related exhibits for the Fund, as the documents will
contain important information about the Fund's tender offer. The
Fund will also make available, without charge, the offer to
purchase and the letter of transmittal.
Each of ANMIF and ACMIF is a closed-end U.S.-registered
management investment company advised by AllianceBernstein L.P.
View original
content:http://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-and-alliance-california-municipal-income-fund-inc-announce-updates-regarding-tender-offer-for-auction-preferred-shares-300747278.html
SOURCE AllianceBernstein National Municipal Income Fund and
Alliance California Municipal Income Fund