NYLI MacKay DefinedTerm Muni Opportunities Fund (the “Fund”)
(NYSE: MMD) today commenced a tender offer. The Fund will conduct a
tender offer allowing shareholders to offer up to 100% of their
shares for repurchase for cash at a price per share equal to 100%
of the net asset value per share determined on the date the tender
offer expires. The tender offer will expire on November 14, 2024,
at 5:00 p.m. Eastern time, or on such later date to which the offer
is extended.
“The Fund has provided shareholders with compelling returns and
tax-exempt income since its inception,” said Bob DiMella,
portfolio manager of the Fund and co-head of MacKay Municipal
Managers™. “We believe the municipal fixed income markets are
poised for another strong decade and are confident that the
investment team will continue to successfully implement the Fund’s
investment strategy if shareholders elect to remain invested in the
Fund.”
The Fund was the #1 performing fund based upon both its price
return and its NAV return among 37 Muni National Long closed-end
funds over the trailing 10-year period ending September 30, 2024.1
The Fund has paid steady monthly distributions amounting to $12.43
per share in total since its inception in June 2012, none of which
contained return of capital.
The completion of the Fund’s tender offer is subject to certain
conditions, including that the aggregate net assets of the Fund
must equal or exceed $200 million as of the expiration date of the
tender offer, taking into account the amounts that would be paid to
shareholders who have properly tendered their shares. If the Fund’s
net assets after the tender offer would be less than $200 million,
the tender offer shall be cancelled, no common shares will be
repurchased and the Fund will dissolve on December 31, 2024. If
undertaken, this dissolution may take a significant amount of time
and result in the Fund holding large amounts of uninvested cash. As
a result, in such a case, there could be times when the Fund is not
pursuing its investment objective or is not being managed
consistent with its stated investment strategies.
Additional terms and conditions of the tender offer will be set
forth in the Fund’s tender offer documents, which will be
distributed to common shareholders.
The Fund will declare its regular monthly distribution according
to a modified schedule. The following dates will apply to the
Fund’s November and December 2024 monthly distributions:
Month
Declaration Date
Ex-Date
Record Date
Payable Date
November 2024
11/1/2024
11/21/2024
11/21/2024
11/29/2024
December 20242
12/2/2024
12/16/2024
12/16/2024
12/31/2024
Shareholders participating in the tender offer will not receive
the November or December 2024 monthly distributions on tendered
shares.
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 that will be filed with
the Securities and Exchange Commission (“SEC”) as exhibits to a
tender offer statement on Schedule TO. Common shareholders should
read the Fund’s offer to purchase and tender offer statement on
Schedule TO and related exhibits as they contain important
information about the Fund’s tender offer. The offer to purchase
and related letter of transmittal are available free of charge at
the SEC’s website at www.sec.gov and from the Fund by calling your
financial advisor or Georgeson, LLC, the information agent for the
Fund’s tender offer, at (888) 658-5755.
The Fund’s daily New York Stock Exchange closing prices, net
asset values per share, as well as other information are available
by clicking here or by calling the Fund’s shareholder servicing
agent at (855) 456-9683.
For more insights from MacKay Municipal Managers™ and our New
York Life Investments affiliates click here.
There are risks inherent in any investment, including market
risk, interest rate risk, credit risk and the possible loss of
principal. There can be no assurance that the Fund’s investment
objectives will be achieved. Shares of closed-end funds frequently
trade at a discount from their net asset value, which may increase
investor risk.
Past performance is no guarantee of future results, which
will vary.
About New York Life Investments
With over $727 billion in assets under management as of June 30,
2024, New York Life Investments, a Pensions & Investments’ Top
30 Largest Money Manager3, 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.
About MacKay Municipal Managers™
MacKay Municipal Managers™ is a recognized leader in active
municipal bond investing and is entrusted with $77 billion in
assets under management, as of 6/30/24. The team manages a suite of
highly rated municipal bond solutions available in multiple
vehicles. MacKay Municipal Managers™ is a fundamental
relative-value bond manager that combines a top-down approach with
bottom-up, credit research. Our investment philosophy is centered
on the belief that strong long-term performance can be achieved
with a relative value, research driven approach in a highly
fragmented, inefficient municipal bond market.
About MacKay Shields LLC
MacKay Shields LLC (together with its subsidiaries, "MacKay")4,
a New York Life Investments Company, is a global asset management
firm with $144 billion in assets under management5 as of June 30,
2024. MacKay manages fixed income 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
provides investors with specialty fixed income expertise across
global fixed income markets including municipal bonds, structured
credit, corporate credit and emerging markets debt. The MacKay
client experience provides investors direct access to senior
investment professionals. 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.
_________________________
1 Over the trailing one-year period ending
September 30, 2024, the Fund’s price return and NAV return rank 41
and 39, respectively, among 42 Muni National Long closed-end funds.
Over the trailing five-year period ending September 30, 2024, the
Fund’s price return and NAV return rank 27 and 7, respectively,
among 39 Muni National Long closed-end funds.
2 If necessary.
3 New York Life Investment Management
ranked 26th largest institutional investment manager in Pensions
& Investments' Largest Money Managers 2024 published June 2024,
based on worldwide institutional AUM as of 12/31/23. No direct or
indirect compensation was paid for the creation and distribution of
this ranking.
4 MacKay is a wholly owned subsidiary of
New York Life Investment Management Holdings LLC, which is wholly
owned by New York Life Insurance Company.
5 Assets under management (AUM) as of June
30, 2024 represents assets managed by MacKay LLC and its
subsidiaries but excludes certain accounts and other assets over
which MacKay continues to exercise discretionary authority to
liquidate but which are no longer actively managed.
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version on businesswire.com: https://www.businesswire.com/news/home/20241017660420/en/
Media: Sara Guenoun | New York Life | (212) 576-4757 |
Sara_j_Guenoun@newyorklife.com
Investors: 855-456-9683
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