The PennZone

PITTSBURGH, Aug. 30, 2024 ~ Federated Hermes Premier Municipal Income Fund (NYSE: FMN) has announced its plans to launch a cash tender offer for up to 32% of its outstanding common shares, subject to certain conditions. The fund, which provides tax-exempt income within a leveraged structure, aims to give all shareholders the opportunity to tender some or all of their common shares at a price per share of 99% of the fund's net asset value (NAV).

The tender offer is set to commence on September 13, 2024 and end on October 11, 2024. Shareholders who choose to participate in the offer may potentially receive a better share price than what is currently available in the market. However, there is no guarantee that the fund will purchase all tendered shares as it will be done on a pro rata basis.

The fund's investment advisor has recommended this tender offer as part of an agreement with Saba Capital Management, L.P. During this period, Saba has agreed to comply with certain standstill covenants and vote its shares in accordance with the recommendations of the fund's Board of Trustees.

More on The PennZone

• BPM Systems Launches New Automated Packaging & Labeling Solution for Manufacturers Across The US
• EnergyStrat Launches Global LNG Risk Outlook 2025–2030
• Strong Revenue Gains, Accelerating Growth, Strategic Hospital Expansion & Uplisting Advancements: Cardiff Lexington Corporation (Stock Symbol: CDIX)
• Holiday Decorations Most Likely to Cause Injuries
• UK Financial Ltd Confirms Official Corporate Structure of the Maya Preferred Project and Its Dual-Class Token System

In addition, shareholders who do not participate in the tender offer will still benefit from an anticipated increase in NAV due to the lower tender price. The fund will continue to operate as an exchange-listed closed-end fund, providing long-term shareholders with opportunities for enhanced returns.

According to the fund's investment advisor, barring any unforeseen material events, this tender offer will not affect the fund's ability to maintain its total annual operating expenses at or below 0.99%, consistent with its Expense Limitation note included in its Annual Shareholder Report dated November 30, 2023.

The details and terms of the tender offer will be provided through public announcements and notifications in accordance with securities laws. Shareholders can access additional information about the fund's portfolio and products on FederatedHermes.com/us.

Federated Hermes, Inc. (NYSE: FHI), a global leader in active and responsible investment management, currently manages $782.7 billion in assets as of June 30, 2024. The company offers a range of investment solutions to over 10,000 institutions and intermediaries worldwide, including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. With its headquarters in Pittsburgh and offices around the world, Federated Hermes has a team of over 2,000 employees dedicated to delivering targeted investment outcomes for its clients.

More on The PennZone

• Zac Arbitman Elected As Co-Chair of Philadelphia Bar Association Federal Courts Committee
• CCHR Florida Joins Global Call to Ban Electroshock Treatment, Citing New Evidence of Widespread Patient Harm
• BoxingRx Announces Full Gym Renovation Ahead of New Ownership's One-Year Anniversary
• UK Financial Ltd Announces It's Official Corporate Headquarters In The United Kingdom
• Rigani Press Announces Breakthrough Book for Health IT and Medical Leaders to Forge the Road to Responsible AI

Investors should note that this press release does not constitute an offer to purchase or sell common shares of the fund. The tender offer will be made through an offer to purchase and related documents that will be filed with the Securities and Exchange Commission (SEC). Shareholders are advised to read these documents carefully as they will contain important information about the tender offer. These documents will be available for free on both the SEC's website and from the fund.

Overall, this tender offer presents an opportunity for shareholders to potentially receive a better share price while also benefiting from an expected increase in NAV. With its commitment to responsible investment management and a diverse range of strategies, Federated Hermes continues to provide valuable solutions for investors worldwide.

---

Show All News | Report Violation