NEW
YORK, June 10, 2022 /PRNewswire/ -- The Board of
Trustees of MainStay MacKay DefinedTerm Municipal Opportunities
Fund (NYSE: MMD) has approved an amendment to the Fund's
declaration of trust (the "Amendment") that will allow the Fund to
conduct a tender offer to purchase all common shares of the Fund at
a price equal to the Fund's net asset value ("NAV") per common
share calculated in accordance with the Fund's valuation
procedures, with the expiration date of the tender offer being as
of a date within twelve months preceding December 31, 2024 (an "Eligible Tender Offer").
Currently, the Fund's scheduled termination date (the "Termination
Date") is December 31, 2024. Subject
to the terms outlined below, if the Tender Offer occurs and
significant assets remain in the Fund following the Tender Offer,
the Fund may determine to further amend the Declaration of Trust to
continue as a perpetual closed-end fund.
If an Eligible Tender Offer is conducted and the number of
tendered shares would result in the Fund's net assets totaling less
than $200 million (the "Termination
Threshold"), the Eligible Tender Offer would be canceled, and no
common shares would be repurchased pursuant to the Eligible Tender
Offer. Instead, the Fund would proceed to liquidate on or before
the Termination Date.
If the number of properly tendered shares would result in the
Fund's net assets totaling greater than the Termination Threshold,
all common shares tendered and not withdrawn would be purchased by
the Fund.
Following the completion of the Eligible Tender Offer, the Board
may further amend the Declaration of Trust to eliminate the limited
term structure of the Fund, and the Fund may continue as a
perpetual closed-end fund, upon the affirmative vote of a majority
of the Board and without the approval of common shareholders.
If the Fund conducts an Eligible Tender Offer, more information
will be included with the tender offer materials at that time.
For more insights from MacKay Municipal Managers™ and our New
York Life Investments affiliates click here.
About New York Life
Investments
With over $650 billion in Assets Under Management* as of
December 31, 2021, New York Life
Investments is comprised of the affiliated global asset management
businesses of its parent company, New York Life Insurance Company,
and offers clients access to specialized, independent investment
teams through its family of affiliated boutiques. New York Life
Investments remains committed to clients through a combination of
the diverse perspectives of its boutiques and a long-lasting focus
on sustainable relationships.
*AUM includes assets of Investment Advisors affiliated with New
York Life Insurance Company as of December
31, 2021. AUM beginning in 2012 excludes Assets under
Administration. AUM for Candriam and Ausbil is reported at the spot
rate.
"New York Life Investments" is both a service mark, and the
common trade name, of certain investment advisors affiliated with
New York Life Insurance Company.
About MacKay Shields LLC
MacKay Shields LLC (together with its subsidiaries, "MacKay")*,
a New York Life Investments Company, is a global asset management
firm with $164 billion in assets
under management as of December 31,
2021. MacKay manages fixed income and equity strategies for
high-net worth individuals and institutional clients, through
separately managed accounts and collective investment vehicles
including private funds, UCITS, ETFs, closed end funds and mutual
funds.
MacKay maintains offices in New York
City, Princeton,
Los Angeles, London and Dublin. For more information, please visit
www.mackayshields.com or follow us on Twitter or LinkedIn.
*MacKay Shields is a wholly owned
subsidiary of New York Life Investment Management Holdings LLC,
which is wholly owned by New York Life Insurance Company.
Media Contact:
Allison
Scott | New York Life | (212) 576-4517 |
Allison_Scott@nylim.com
Investors Contact:
855-456-9683
View original
content:https://www.prnewswire.com/news-releases/mainstay-mackay-definedterm-municipal-opportunities-fund-announces-amendment-to-the-declaration-of-trust-301563064.html
SOURCE New York Life Investments