NEW YORK, Aug. 25, 2015 /PRNewswire/
-- AllianceBernstein National Municipal Income Fund, Inc.
("ANMIF") (NYSE: AFB) and Alliance California Municipal Income
Fund, Inc. ("ACMIF") (NYSE: AKP) (each, a "Fund" and together,
the "Funds") each announced the expiration and preliminary results
for its tender offer of up to 100% of its outstanding auction
preferred shares ("APS"), at a price equal to 94% of the
liquidation preference of $25,000 per
share (or $23,500 per share), plus
any unpaid dividends accrued through the termination date of the
tender offer. Each Fund's tender offer expired on Monday, August 24, 2015 at 5:00 p.m. New York
City time. All shares that were validly tendered and not
withdrawn during the offering period have been preliminarily
accepted for payment.
Based upon current information, ANMIF has preliminarily accepted
for payment approximately 1,783 Series M APS, approximately 1,004
Series T APS, approximately 1,971 Series W APS and approximately
1,246 Series TH APS. ACMIF has preliminarily accepted for
payment approximately 680 Series M APS and approximately 1,027
Series T APS. The shares preliminarily accepted represent,
with respect to ANMIF, approximately 67% of outstanding Series M
APS, approximately 61% of outstanding Series T APS, approximately
74% of outstanding Series W APS and approximately 47% of
outstanding Series TH APS, and, with respect to ACMIF,
approximately 47% of outstanding Series M APS and approximately 71%
of outstanding Series T APS. In aggregate ANMIF has
preliminarily accepted for payment approximately 6,004 APS, which
represent approximately 62% of its outstanding APS. ACMIF has
preliminarily accepted for payment approximately 1,707 APS, which
represent approximately 59% of its outstanding APS. These
numbers are subject to adjustment and should not be regarded as
final. The actual number of shares to be purchased will be
announced at a later date.
It is anticipated that payment for such shares will be made on
or about September 2, 2015. APS that
were not tendered remain outstanding. Completion of each tender
offer is conditioned upon the closing of the proposed private
offering of new preferred stock (the "New Preferred Stock") with an
aggregate liquidation preference at least equal to the aggregate
price paid for the APS accepted in the tender offer. Each
Fund currently intends to replace leverage associated with the
tendered APS with the New Preferred Stock.
Any questions about the tender offers can be directed to
Georgeson Inc., each Fund's information agent for its offer at toll
free (866) 431-2096.
This release is not a prospectus, circular or representation
intended for use in the purchase or sale of Fund shares. Shares of
the Funds are not FDIC-insured and are not deposits or other
obligations of, or guaranteed by, any bank. Shares of the Funds
involve investment risk, including possible loss of principal. For
more complete information about each Fund, including risks,
charges, and expenses, please see the Fund's annual and semi-annual
shareholder reports.
ANMIF and ACMIF are closed-end U.S.-registered management
investment companies advised by AllianceBernstein L.P. with assets
of approximately $659 million and
$199 million, respectively.
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SOURCE AllianceBernstein L.P.