PITTSBURGH, Aug. 14, 2017 /PRNewswire/ -- Federated
Premier Intermediate Municipal Income Fund (NYSE: FPT) announced
today that its tender offer for 1,396,465 of its issued and
outstanding common shares, representing approximately 20 percent of
its outstanding common shares, expired at 5
p.m. Eastern on Aug. 11, 2017
and was oversubscribed. Due to the fact that the number of
shares tendered exceeded the number of shares the fund offered to
purchase, the fund will purchase the maximum percentage of
outstanding shares it previously announced on a pro-rata basis in
accordance with the number of shares duly tendered by tendering
stockholders and the terms of the Offer to Purchase (with
appropriate adjustment to avoid purchase of fractional common
shares).
Based upon preliminary information, 2,563,029.363426 shares
were tendered, including shares tendered pursuant to notices of
guaranteed delivery. The actual number of shares to be purchased is
anticipated to be announced after the expiration of the period for
delivering shares tendered by guaranteed delivery. The purchase
price of properly tendered shares is 98 percent of the net asset
value per share determined as of the close of the regular trading
session of the New York Stock Exchange on Aug. 11, 2017, which is equal to $14.13 per share.
Federated Investors, Inc. (NYSE: FII) is one of the largest
investment managers in the United
States, managing $360.4
billion in assets as of June 30,
2017. With 122 funds, as well as a variety of separately
managed account options, Federated provides comprehensive
investment management worldwide to more than 8,500 institutions and
intermediaries including corporations, government entities,
insurance companies, foundations and endowments, banks and
broker/dealers. For more information, visit
FederatedInvestors.com.
Certain statements made in this press release are
forward-looking statements. Actual future results or occurrences
may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. These include,
but are not limited to: market developments; legal and regulatory
developments; and other additional risks and uncertainties. As a
result, none of the investment advisor, the fund or any other
person assumes responsibility for the accuracy and completeness of
such statements in the future.
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SOURCE Federated Investors, Inc.