ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. ANNOUNCES PLAN FOR FULL REDEMPTION OF 2018 VARIABLE RATE MUNIFUND TERM PREFERRED SHARES AND CREATION OF TENDER OPTION BOND TRUSTS AS SUBSTITUTE LEVERAGE
AllianceBernstein National Municipal Income Fund (NYSE: AFB) intends to redeem all outstanding 2018 Variable Rate MuniFund Term Preferred Shares at a redemption price of $25,000 per share, plus accumulated unpaid dividends. The aggregate redemption payment is $88.275 million. The Fund plans to effect the full redemption on or about October 27, 2025, subject to notice requirements and conditioned on the successful creation of tender option bond (TOB) trusts.
If completed, the TOB trusts will provide substitute leverage and allow the Fund to replace the leverage currently obtained through the 2018 VMTPS. The adviser and board said they believe the transaction is in the Fund's and stockholders' best interests.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) intende rimborsare tutte le azioni privilegiate a termine 2018 a tasso variabile della MuniFund in circolazione al prezzo di rimborso di $25,000 per azione, più dividendi accumulati non pagati. Il pagamento totale di rimborso è di $88.275 milioni. Il Fondo prevede di effettuare il rimborso completo entro o intorno al 27 ottobre 2025, soggetto a requisiti di avviso e condizionato al successo della creazione di trust di tender option bonds (TOB).
Se completato, i trust TOB forniranno leva sostitutiva e permetteranno al Fondo di sostituire la leva attualmente ottenuta tramite le 2018 VMTPS. L'adviser e il consiglio hanno detto di ritenere che l'operazione sia nel migliore interesse del Fondo e degli azionisti.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) tiene la intención de redimir todas las acciones preferentes a término municipal de 2018 con tasa variable de MuniFund en circulación al precio de redención de $25,000 por acción, más dividendos acumulados no pagados. El pago total de redención es de $88.275 millones. El Fondo planea efectuar la redención completa alrededor del 27 de octubre de 2025, sujeto a requisitos de notificación y condicionado al éxito de la creación de fideicomisos de tender option bonds (TOB).
Si se completa, los fideicomisos TOB proporcionarán apalancamiento sustituto y permitirán al Fondo reemplazar el apalancamiento actualmente obtenido a través de las 2018 VMTPS. El asesor y la junta dijeron que creen que la operación es en el mejor interés del Fondo y de los accionistas.
AllianceBernstein National Municipal Income Fund (NYSE: AFB)는 시가 변동 금리 MuniFund 만기 우선주 2018년 발행분의 모든 남아있는 주식을 $25,000 per share의 상환 가격으로, 미지급 누적 배당금을 포함하여 상환할 예정입니다. 총 상환액은 $88.275 million입니다. 이 기금은 요구 통지 및 TOB(입찰 옵션 채권) 트러스트의 성공적 생성에 조건을 두고 2025년 10월 27일경에 전체 상환을 시행할 계획입니다.
완료되면 TOB 트러스트는 대체 레버리지를 제공하고 펀드가 2018 VMTPS를 통해 현재 얻고 있는 레버리지를 대체할 수 있게 될 것입니다. 어드바이저와 이사회는 이번 거래가 펀드와 주주들의 최선의 이익에 부합한다고 말했습니다.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) prévoit racheter toutes les actions privilégiées à taux variable 2018 de MuniFund en circulation au prix de rachat de $25,000 par action, plus les dividendes accumulés impayés. Le paiement total de rachat est de $88.275 millions. Le Fonds prévoit d’effectuer le rachat complet vers le 27 octobre 2025, sous réserve des exigences de préavis et conditionné à la réussite de la création des fiduciaires de bonds option d’offre (TOB).
Si cela est réalisé, les fiducies TOB offriront une levier de substitution et permettront au Fonds de remplacer le levier actuellement obtenu par le biais des 2018 VMTPS. L’administrateur et le conseil ont déclaré qu’ils estiment que la transaction est dans le meilleur intérêt du Fonds et des actionnaires.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) beabsichtigt, alle ausstehenden 2018 Variable Rate MuniFund Term Preferred Shares zurückzuzahlen zum Rückzahlungspreis von $25,000 pro Aktie, zuzüglich aufgelaufener unbezahlter Dividenden. Die gesamte Rückzahlung beträgt $88.275 Millionen. Der Fonds plant, die vollständige Rückzahlung ungefähr am 27. Oktober 2025 vorzunehmen, vorbehaltlich der Ankündigungspflichten und bedingt durch die erfolgreiche Erstellung von Tender-Option-Bonds (TOB) Trusts.
Sollte dies abgeschlossen werden, werden die TOB-Trusts Substitute Leverage bereitstellen und dem Fonds ermöglichen, die derzeit durch die 2018 VMTPS erzielte Hebelwirkung zu ersetzen. Der Berater und das Board gaben an, dass sie glauben, dass die Transaktion im besten Interesse des Fonds und der Aktionäre liegt.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) يعتزم استرداد جميع الأسهم الممتازة القابلة للإلغاء من نوع 2018 بفترة فائدة متغيرة من MuniFund التي في التداول بالسعر عند شراء الاسترداد $25,000 للسهم، إضافة إلى الأرباح المتراكمة غير المدفوعة. إجمالي دفعة الاسترداد هو $88.275 مليون. يخطط الصندوق لإجراء الاسترداد الكامل في أو نحو 27 أكتوبر 2025، مع مراعاة متطلبات الإخطار ومشروطًا بتحقيق إنشاء صناديق TOB (صناديق سندات خيار المزايدة).
إذا تم ذلك، فستوفر صناديق TOB رافعة بديلة وستسمح للصندوق باستبدال الرافعة التي تم الحصول عليها حاليًا من خلال 2018 VMTPS. قال المستشار والمجلس إنهما يعتقدان أن الصفقة هي في مصلحة الصندوق والمساهمين.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) 打算赎回在流通中的所有2018年可变利率市政基金期权优先股，赎回价格为 $25,000 per share，加上累计未支付的股息。总赎回款项为 $88.275 million。该基金计划在大约 2025年10月27日 实现全面赎回，前提是满足通知要求且取决于成功创建招标选择权债券（TOB）信托。
若完成，TOB信托将提供替代杠杆，使基金能够替代目前通过2018年VMTPS获得的杠杆。顾问和董事会表示，他们认为该交易符合基金及股东的最佳利益。
- Aggregate redemption amount of $88.275 million
- Planned redemption date: on or about October 27, 2025
- Intended replacement of preferred-share leverage with TOB trusts
- Adviser and board support transaction as in stockholders' best interests
- Redemption is conditioned on successful creation of TOB trusts
- Transaction subject to certain notice and other procedural requirements
- Redemption requires a cash outflow of $88.275 million
The redemption of the 2018 VMTPS is subject to certain notice and other requirements and conditioned upon the successful creation of the TOB trusts. The Fund intends to redeem the 2018 VMTPS on or about October 27, 2025.
The TOB trusts, if successfully created, will allow the Fund to replace the leverage currently obtained through the 2018 VMTPS with proceeds from the TOB trusts. AllianceBernstein L.P., the Fund's investment adviser, and the Board of Directors of the Fund believe the full redemption of the 2018 VMTPS and proposed creation of the TOB trusts is in the best interests of the Fund and its stockholders.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
View original content:SOURCE AllianceBernstein National Municipal Income Fund, Inc.
FAQ
What is AllianceBernstein National Municipal Income Fund (AFB) redeeming on October 27, 2025?
How much will AFB pay to redeem the 2018 VMTPS?
What will AFB use instead of the 2018 preferred shares for leverage?
Is the AFB redemption guaranteed to occur on October 27, 2025?
Who supports AFB's plan to redeem the 2018 VMTPS and create TOB trusts?
