Federated Hermes Premier Municipal Income Fund Launches Tender Offer
Federated Hermes Premier Municipal Income Fund Launches Tender Offer
Federated Hermes Premier Municipal Income Fund (NYSE: FMN) has announced the commencement of a tender offer aimed at purchasing up to 32 percent of its outstanding common shares. This strategic decision reflects the fund's commitment to enhancing value for its shareholders. The tender offer will provide an opportunity for shareholders to liquidate a portion of their investment and will expire at a specified time.
Details of the Tender Offer
The tender offer will be priced at 99 percent of the net asset value per share, determined at the close of regular trading on the NYSE on the expiration date. As stated in the tender offer materials, if more than 32 percent of the shares are tendered, the company will repurchase those shares on a pro rata basis. This ensures an equitable process but also means that not every tendered share may be repurchased if the demand exceeds supply.
Board of Trustees' Support
The decision to initiate this tender offer received the endorsement of the Board of Trustees, based on the recommendation from Federated Investment Management Company, the fund's investment advisor. This is part of a continuous evaluation process by the Board to explore viable options that boost shareholder value and manage market perceptions regarding the trading discount of the fund's shares.
Extended Offer and Notification
There is a possibility for the offer to be extended beyond the initial expiration date. Should this occur, the fund will issue a new announcement detailing the extension. The price for any shares tendered during the extension will also be determined based on the net asset value on the last trading day of that extension.
Investment Strategies and Market Position
Federated Hermes, Inc. (NYSE: FHI) stands as a global leader in active and responsible investment management, commanding an impressive $782.7 billion in assets under management as of mid-2024. The firm is dedicated to providing a diverse array of investment strategies. These strategies encompass equities, fixed income, alternatives/private markets, multi-asset solutions, and liquidity management services tailored for a broad spectrum of clients.
Client Base and Global Reach
The client portfolio of Federated Hermes is extensive, covering corporations, government agencies, insurance firms, foundations, endowments, banks, and broker-dealers. The company’s headquarters are located in Pittsburgh, with significant offices in London, New York, and Boston, ensuring a robust presence in key financial markets worldwide.
Contact Information for Shareholders
For inquiries related to the tender offer, shareholders can reach out to Georgeson LLC, the designated information agent for the offer, using the toll-free number provided for assistance. This facilitation ensures that shareholders have direct access to the necessary information regarding their participation in the tender offer.
Frequently Asked Questions
What is the Federated Hermes Premier Municipal Income Fund's tender offer?
The tender offer is an initiative to repurchase up to 32 percent of the fund's outstanding common shares at 99 percent of the net asset value.
When does the tender offer expire?
The tender offer is set to expire at 5 p.m. ET on the designated expiration date, with potential for extension.
Is there a guarantee that all tendered shares will be purchased?
No, if the shares tendered exceed 32 percent of the outstanding shares, purchases will occur on a pro rata basis.
Who approved the tender offer?
The tender offer was approved by the Board of Trustees upon the recommendation of Federated Investment Management Company.
How can shareholders obtain more information?
Shareholders can contact Georgeson LLC for assistance regarding the tender offer or refer to the fund's materials distributed to them.
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