Western Asset Intermediate Muni Fund Inc. (the “Fund”) (NYSE Amex: SBI)
announced today the expiration and preliminary results for its issuer
tender offer for up to 100% of its outstanding Series M Municipal
Auction Rate Cumulative Preferred Stock (“ARPS”) at a price equal to 90%
of the liquidation preference of $25,000 per share (or $22,500 per
share), plus any unpaid dividends accrued through the termination date
of the tender offer. The Fund’s tender offer expired on Friday, February
20, 2015 at 5:00 p.m. New York City time. All shares that were validly
tendered and not withdrawn during the offering period have been
preliminarily accepted for payment.
Based upon current information, the Fund has preliminarily accepted for
payment approximately 1,896 ARPS, which represent approximately 94.8% of
its outstanding ARPS. This number is subject to adjustment and should
not be considered final. It is anticipated that payment for such shares
will be made on or about February 25, 2015. ARPS that were not tendered
will remain outstanding. Completion of the tender offer is conditioned
upon the closing of the proposed private offering of new preferred stock
(the “New Preferred Stock”) with an aggregate liquidation preference at
least equal to the aggregate liquidation preference of ARPS accepted in
the tender offer, as set forth in the Fund’s offer to purchase and
related letter of transmittal. The Fund currently intends to replace any
leverage associated with the tendered ARPS with the New Preferred Stock.
Any questions about the tender offer can be directed to Deutsche Bank
Trust Company Americas, the information agent for the tender offer, at
(877) 843-9767.
Western Asset Intermediate Muni Fund Inc. is a diversified, closed-end
management investment company. The Fund’s investment objective is to
provide common shareholders a high level of current income exempt from
regular federal income taxes consistent with prudent investing. The Fund
is managed by Legg Mason Partners Fund Advisor, LLC, a wholly owned
subsidiary of Legg Mason, Inc., and sub-advised by Western Asset
Management Company, an affiliate of the investment manager. Additional
information regarding the matters addressed in the press release may be
announced subsequently via press release, which can be accessed at www.lmcef.com.
Hard copies of the Fund’s complete audited financial statements are
available free of charge upon request.
THIS RELEASE IS NOT A PROSPECTUS, CIRCULAR OR REPRESENTATION INTENDED
FOR USE IN THE PURCHASE OR SALE OF FUND SHARES. THIS PRESS RELEASE MAY
CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR THE FUTURE THAT
CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF
HISTORICAL FACT ARE FORWARD-LOOKING AND CAN BE IDENTIFIED BY THE USE OF
WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “ESTIMATE,”
“BELIEVE,” “CONTINUE” OR OTHER SIMILAR WORDS. SUCH FORWARD-LOOKING
STATEMENTS ARE BASED ON THE FUND’S CURRENT PLANS AND EXPECTATIONS, AND
ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS
TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING
STATEMENTS. ADDITIONAL INFORMATION CONCERNING SUCH RISKS AND
UNCERTAINTIES ARE CONTAINED IN THE FUND’S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION.
For more information, please call 1-888-777-0102 or consult the Fund’s
web site at www.lmcef.com.
Western Asset Management Company and Legg Mason Investor Services, LLC
are subsidiaries of Legg Mason, Inc.
© 2015 Legg Mason Investor Services, LLC. Member FINRA, SIPC
Copyright Business Wire 2015