Dreyfus Municipal Bond Closed-End Funds Commence Issuer Tender Offers for Outstanding Auction Rate Preferred Stock
January 23 2018 - 09:07AM
Business Wire
The Dreyfus Corporation announced today that each of the Dreyfus
municipal bond closed-end funds listed below (each, the "Fund" and,
collectively, the "Funds") announced today that the Fund commenced
an 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 February 28, 2018, 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.(Series M, Series T, Series W,
Series TH and Series F) LEO Dreyfus Strategic Municipal Bond
Fund, Inc.(Series A, Series B and Series C) DSM Dreyfus
Municipal Income, Inc.(Series A and Series B) DMF
Each Fund's Tender Offer is conditional upon the Fund's creation
of tender option bonds ("TOBs") on terms satisfactory to the Fund
and upon satisfaction of certain other conditions set forth in the
Fund's Offer to Purchase and the related Letter of Transmittal.
Each Fund currently intends to replace the leverage associated with
any tendered ARPS with TOBs.
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. Each Fund has filed with the
Securities and Exchange Commission a tender offer statement on
Schedule TO and related exhibits, including an Offer to Purchase, a
related Letter of Transmittal and other related documents (the
"Offer Documents"). The Offer Documents will be distributed to
holders of the ARPS. Holders of a Fund's ARPS may obtain additional
copies of the Offer Documents for such Fund, without charge, by
contacting AST Fund Solutions LLC, the Funds' Tender Offer
information agent, toll free at (877) 478-5047. ARPS holders can
also obtain the Offer Documents free of charge on the Securities
and Exchange Commission's website at www.sec.gov. Holders of a
Fund's ARPS should read these documents and related exhibits for
the Fund carefully as the documents contain important information
about the Fund's Tender Offer.
If you have questions about a Fund's Tender Offer and hold the
Fund's ARPS through a broker or other nominee holder, you can call
your broker or other nominee holder directly. You may also call AST
Fund Solutions LLC, the Funds' Tender Offer information agent, toll
free at (877) 478-5047, with any questions.
No Tender Offer will be made to, nor will tenders pursuant to
any Tender Offer be accepted from or on behalf of, holders of a
Fund's ARPS in any jurisdiction in which making or accepting the
Tender Offer would violate that jurisdiction's laws.
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/20180123005948/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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