Dreyfus Municipal Bond Closed-End Funds Announce Expiration & Preliminary Results of Issuer Tender Offers for Outstanding Auc...
February 28 2018 - 8:40PM
Business Wire
The Dreyfus Corporation and each of the Dreyfus municipal bond
closed-end funds listed below (each, the "Fund" and collectively,
the "Funds") announced today the expiration and preliminary results
of the previously announced issuer tender offer (each, a "Tender
Offer") to purchase up to 100% of the Fund's outstanding auction
rate preferred stock ("ARPS") 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.
Each Fund's Tender Offer expired on February 28, 2018 at 5:00
p.m. Eastern Standard Time. All shares that were validly tendered
and not withdrawn during the offering period have been
preliminarily accepted for payment. Completion of each Fund's
Tender Offer is conditional upon its creation of tender option
bonds on terms satisfactory to the Fund and upon satisfaction of
certain other conditions as set forth in the Fund's Offer to
Purchase and the related Letter of Transmittal (the "Offer
Documents").
Based upon current information, each Fund has preliminarily
accepted ARPS for payment as follows:
TickerSymbol
Fund Series Cusip
ARPSTendered
% ofOutstanding
LEO Dreyfus Strategic Municipals, Inc. M
261932206 377 33.07% LEO Dreyfus Strategic
Municipals, Inc. T 261932305 393 34.47%
LEO Dreyfus Strategic Municipals, Inc. W
261932404 480 42.11% LEO Dreyfus Strategic
Municipals, Inc. TH 261932503 574
50.35% LEO Dreyfus Strategic Municipals, Inc. F
261932602 720 63.16% DSM Dreyfus
Strategic Municipal Bond Fund, Inc. A 26202F206
542 43.71% DSM Dreyfus Strategic Municipal
Bond Fund, Inc. B 26202F305 578 46.61%
DSM Dreyfus Strategic Municipal Bond Fund, Inc. C
26202F404 628 50.65% DMF Dreyfus
Municipal Income, Inc. A 26201R201 384
38.40% DMF Dreyfus Municipal Income, Inc. B
26201R300 407 40.70%
The number of ARPS to be repurchased by each Fund is subject to
adjustment and should not be regarded as final. The Funds' ARPS
that were not tendered remain outstanding.
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 complete terms and conditions
of each Tender Offer are set forth in the Offer Documents, as filed
with the Securities and Exchange Commission as exhibits to a tender
offer statement on Schedule TO and available free of charge at
www.sec.gov.
The Dreyfus Corporation, a wholly-owned subsidiary of The Bank
of New York Mellon Corporation, serves as each Fund's investment
adviser. The Dreyfus Corporation was established in 1947 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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180228006668/en/
For Press Inquiries:The Dreyfus CorporationBenjamin Tanner(212)
635-8676orFor Other Inquiries:MBSC Securities CorporationThe
National Marketing Desk200 Park AvenueNew York, New York
101661-800-334-6899
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