Dreyfus Municipal Bond Closed-End Funds Announce Tender Offers for Outstanding Auction Rate Preferred Stock
November 28 2017 - 12:41PM
Business Wire
The Dreyfus Corporation announced today that the Board of
Directors of each of the Dreyfus municipal bond closed-end funds
listed below (each, a "Fund" and, collectively, the "Funds")
authorized the Fund to commence a tender offer (each, a "Tender
Offer") to purchase up to 100% of the Fund's outstanding auction
rate preferred stock ("ARPS").
For each Fund, the Tender Offer will be at a price per share
equal to 95% of the liquidation preference of $25,000 per share (or
$23,750 per share), plus any unpaid ARPS dividends accrued through
the expiration date of each Tender Offer, or such later date to
which such Tender Offer is extended.
Fund Ticker
Symbol Dreyfus Strategic Municipals, Inc.
LEO
Dreyfus Strategic Municipal Bond Fund, Inc.
DSM
Dreyfus Municipal Income, Inc.
DMF
It is currently anticipated that the leverage provided by any
tendered ARPS would be replaced through the creation of tender
option bonds ("TOBs"). Each Fund's Tender Offer is conditional
upon, among other things, its creation of TOBs on terms
satisfactory to the Fund.
Further information about the Tender Offers will be announced
via future press releases. This announcement is for informational
purposes only and is not a recommendation, an offer to purchase or
a solicitation of an offer to sell shares of any Fund. The Tender
Offers will be made, and the holders of the Funds' ARPS will be
notified, in accordance with the Securities Exchange Act of 1934,
as amended, the Investment Company Act of 1940, as amended, and
other applicable rules and regulations.
The Dreyfus Corporation, a wholly-owned subsidiary of The Bank
of New York Mellon Corporation ("BNY Mellon"), serves as each
Fund's investment adviser. The Dreyfus Corporation was established
in 1951 and is headquartered in New York City. Additional
information is available at www.im.bnymellon.com.
This press release is not a prospectus, circular or
representation intended for use in the purchase or sale of Fund
shares. Statements in this press release that are not historical
facts are forward-looking statements. Such forward-looking
statements represent the Funds' current plans based on information
available at the time the statements are made. You should exercise
caution in interpreting and relying on forward-looking statements,
because they are subject to uncertainties and other factors which
are, in some cases, beyond a Fund's control and could cause actual
results to differ materially from those set forth in the
forward-looking statements. Except as otherwise noted above, the
Funds, The Dreyfus Corporation, and any of their affiliates,
directors, employees or agents undertake no responsibility to
update publicly or revise any forward-looking statements.
THIS ANNOUNCEMENT AND THE DESCRIPTION CONTAINED HEREIN IS
NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL
SHARES OF ANY FUND. AT THE TIME EACH TENDER OFFER IS
COMMENCED, THE FUND WILL FILE WITH THE SECURITIES AND EXCHANGE
COMMISSION A TENDER OFFER STATEMENT ON SCHEDULE TO (INCLUDING AN
OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER
DOCUMENTS) WITH RESPECT TO THE OFFER. ALL OF THESE DOCUMENTS
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER AND HOLDERS OF
THE FUNDS' ARPS ARE URGED TO READ THEM CAREFULLY WHEN THEY BECOME
AVAILABLE BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER
OFFER. HOLDERS OF THE FUNDS' ARPS WILL BE ABLE TO OBTAIN A
FREE COPY OF EACH OF THESE DOCUMENTS (WHEN THEY BECOME AVAILABLE)
AT THE FUNDS' WEBSITE AT www.im.bnymellon.com, OR BY CALLING TOLL-FREE
800-334-6899. EACH FUND'S TENDER OFFER STATEMENT (INCLUDING AN
OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER
DOCUMENTS) ALSO WILL BE AVAILABLE AT NO CHARGE AT THE WEBSITE
MAINTAINED BY THE SECURITIES AND EXCHANGE COMMISSION AT
HTTP://WWW.SEC.GOV.
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version on businesswire.com: http://www.businesswire.com/news/home/20171128006201/en/
For Press Inquiries:The Dreyfus CorporationBenjamin
Tanner212-635-8676orFor Other Inquiries:MBSC Securities
CorporationThe National Marketing Desk200 Park AvenueNew York, New
York 101661-800-334-6899
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