Special Opportunities Fund, High Income Securities Fund, and Bulldog Investors Reach Settlement Agreement with Two MFS Municipal Bond Funds
28 Agosto 2023 - 10:49AM
Special Opportunities Fund (NYSE: SPE), High Income Securities Fund
(NYSE: PCF), and Bulldog Investors, LLP (“Bulldog”) (together, the
“Shareholders”) are pleased to announce that they have reached a
settlement agreement with two closed-end municipal bond funds
managed by MFS Investment Management® (MFS®). The MFS-managed
funds are MFS High Yield Municipal Trust (NYSE: CMU), and MFS
Investment Grade Municipal Trust (NYSE: CXH).
Pursuant to the settlement agreement, each
MFS-managed fund will conduct a cash tender offer, which is
expected to commence on or before October 6, 2023, for up to 10% of
its outstanding common shares at a price per share equal to 98% of
its net asset value (“NAV”) per share. In addition, the Board of
each of the MFS-managed funds has agreed to propose that
shareholders approve a proposal for a liquidity event at the 2025
annual meeting, unless the average trading discount of its shares
is equal to or less than 7.50% for any consecutive 30 calendar day
period between the expiration date of the tender offer and July 15,
2025.
As part of the settlement agreement, the
Shareholders have agreed to certain standstill conditions.
Andrew Dakos, a managing partner of Bulldog,
commented: “We are pleased to have reached this agreement with the
Board, which is the result of ongoing constructive engagement with
MFS.”
About Bulldog Investors
Bulldog Investors LLP is an SEC-registered
investment adviser that manages Special Opportunities Fund, Inc., a
registered closed-end investment company, and separately managed
accounts. High Income Securities Fund is an internally managed
registered closed-end investment company.
Contact: InvestorComJohn Glenn
Grau, (203) 972-9300 ext. 110jgrau@investor-com.com
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