PITTSBURGH, Sept. 13,
2024 /PRNewswire/ -- Federated Hermes Premier
Municipal Income Fund (NYSE: FMN) announced today that it commenced
a tender offer for up to 32 percent of its outstanding common
shares. The fund's tender offer will expire on Oct. 11, 2024, at 5 p.m.
ET. The fund is offering to purchase its outstanding common
shares at a price per share equal to 99 percent of its net asset
value per share in U.S. dollars as determined as of the end of
regular trading on the NYSE on Oct. 11,
2024.
As described in the tender offer materials, if more than 32
percent of the fund's outstanding common shares are duly tendered
(and not withdrawn) prior to the expiration date, the fund will
repurchase 32 percent of its outstanding common shares on a pro
rata basis (with appropriate adjustment to avoid purchase of
fractional common shares) upon the terms and subject to the
conditions of the tender offer. Accordingly, there is no assurance
that the fund will purchase all of a common shareholder's tendered
common shares. Additional terms and conditions of the tender offer
are set forth in the fund's tender offer materials, which are being
distributed to common shareholders. There can be no assurance such
terms and conditions will be satisfied. In addition, under certain
circumstances, the fund may terminate or abandon the tender offer,
as described in the tender offer materials, and there can be no
assurance such circumstances will not arise.
The Board of Trustees of the fund, upon recommendation of the
fund's investment advisor, Federated Investment Management Company,
approved the tender offer. The tender offer was considered as part
of the Board's ongoing review of available options to enhance value
for the fund's common shareholders, to address the discount at
which the fund's common shares have traded and to provide
liquidity.
If, at the fund's sole discretion, the tender offer is extended
beyond Oct. 11, 2024, another press
release will be issued to provide notification of the extension and
the purchase price for tendered shares will be based on the net
asset value per share in U.S. dollars as determined as of the end
of regular trading on the NYSE on the last day of such extension.
Questions about the tender offer can be directed to Georgeson LLC,
the fund's information agent for its tender offer, at toll free
(866) 461-7055.
This announcement is not a recommendation, an offer to purchase,
or a solicitation of an offer to sell shares of the fund. Any
tender offer will be made only by an offer to purchase, a related
letter of transmittal, and other documents, which have been filed
with the Securities and Exchange Commission (SEC) as exhibits to
the tender offer statement on Schedule TO and are available free of
charge on the SEC's website at www.sec.gov. Common shareholders
should read the offer to purchase and tender offer statement on
Schedule TO and related exhibits for the fund as the documents
contain important information about the fund's tender offer. The
fund will also make available, without charge, the offer to
purchase and the letter of transmittal. Investors can view
additional portfolio information in the Products section of
FederatedHermes.com/us.
Federated Hermes, Inc. (NYSE: FHI) is a global leader in active,
responsible investment management, with $782.7 billion in assets under management, as of
June 30, 2024. We deliver
investment solutions that help investors target a broad range of
outcomes and provide equity, fixed-income, alternative/private
markets, multi-asset and liquidity management strategies to more
than 10,000 institutions and intermediaries worldwide. Our clients
include corporations, government entities, insurance companies,
foundations and endowments, banks and broker/dealers. Headquartered
in Pittsburgh, Federated Hermes
has more than 2,000 employees in London, New
York, Boston and offices
worldwide. For more information, visit
FederatedHermes.com/us.
###
Certain statements made in this press release, such as those
related to the tender offer and it providing shareholder value,
reducing discount and providing liquidity, are forward-looking
statements, which involve known and unknown risks, uncertainties
and other factors that may cause actual results or occurrences to
be materially different from any future results or occurrences
expressed or implied by such forward-looking statements. Any
forward-looking statement, and any future results or occurrences,
are inherently subject to significant business, market, economic,
competitive, regulatory and other risks and uncertainties, many of
which are difficult to predict and beyond the fund's or its
investment adviser's control. Risks and uncertainties could vary
significantly depending on various factors, such as market
conditions, investment performance and investor behavior. Other
risks and uncertainties include the risk factors discussed in the
fund's annual and semi-annual shareholder reports as filed with the
Securities and Exchange Commission. As a result, no assurance can
be given as to future results or occurrences, and none of the fund,
its investment adviser, or any other person assumes responsibility
for the accuracy and completeness, or updating, of such statements
in the future.
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SOURCE Federated Hermes, Inc.