PITTSBURGH, Dec. 19, 2016 /PRNewswire/ -- Federated
Premier Municipal Income Fund (NYSE: FMN) and Federated Premier
Intermediate Municipal Income Fund (NYSE: FPT) today announced that
each fund has extended the term of its existing variable rate
municipal term preferred shares (VMTP shares) for two and a half
years, from June 19, 2017 to
Dec. 19, 2019. When originally
issued, the VMTP shares had a three-year term scheduled to
terminate on Dec. 22, 2014, which was
extended in June 2014 to June 19, 2017.
No other terms of the VMTP shares have changed, including
outstanding issue amount, total leverage or any structural
covenants impacting asset coverage or key rating drivers.
VMTP shares are a floating-rate form of preferred shares with a
mandatory-term redemption date, unless extended, and dividends that
are set weekly to a fixed spread against the Securities Industry
and Financial Markets Association Municipal Swap Index. VMTP
shares are senior in priority to each fund's outstanding common
shares as to payments of dividends.
Federated Investors, Inc. (NYSE: FII) is one of the largest
investment managers in the United
States, managing $364.3
billion in assets as of Sept.
30, 2016. With 123 funds, as well as a variety of
separately managed account options, Federated provides
comprehensive investment management worldwide to approximately
8,500 institutions and intermediaries including corporations,
government entities, insurance companies, foundations and
endowments, banks and broker/dealers. For more information,
visit FederatedInvestors.com.
Certain statements made in this press release are
forward-looking statements. Actual future results or occurrences
may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. These
include, but are not limited to: market developments; legal and
regulatory developments; and other additional risks and
uncertainties. As a result, neither the company nor any other
person assumes responsibility for the accuracy and completeness of
such statements in the future.
No VMTP shares have been registered under the Securities Act or
any state securities laws. Unless so registered, no VMTP
shares may be offered or sold in the
United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable
state securities laws. This press release is neither an offer
to sell nor a solicitation of an offer to buy any of these
securities.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/federated-municipal-closed-end-funds-announce-extension-of-preferred-shares-300381476.html
SOURCE Federated Investors, Inc.