Putnam Announces Final Results of Tender Offers for Two Closed-End Funds
18 Julio 2007 - 3:15PM
Business Wire
Putnam Investments today announced final results of issuer tender
offers for 10% of the outstanding common shares of two closed-end
funds, Putnam Master Intermediate Income Trust (NYSE: PIM) and
Putnam Municipal Bond Fund (NYSE: PMG). These offers expired at
5:00 p.m. Eastern Time on July 11, 2007. The tender offer for each
fund was oversubscribed, meaning that pursuant to the terms of the
offers, not all shares that were tendered were accepted for payment
by the funds. Pursuant to the pro-ration procedures disclosed in
the fund�s tender offer materials provided to shareholders, the
funds accepted for payment the maximum number of shares covered by
the offer (approximately 10% of their outstanding common shares),
including all shares tendered by shareholders owning fewer than 100
shares. For shareholders owning 100 or more shares, each fund
applied its pro-ration percentage (given below) and accepted for
payment that percentage of the shares tendered. Those shares that
were tendered but not accepted for payment will continue to be held
by their record owners. Shareholders who tendered certificated
shares and whose tenders were pro-rated will receive new share
certificates representing the balance of their shares. Below are
the final results of the tender offers for these funds. Putnam
Master Intermediate Income Trust Number of shares properly
tendered: 41,220,414.093 Approximate percentage of common shares
tendered: 45.10% Number of shares accepted for repurchase:
9,138,976 Pro-ration percentage: 21.47630% Per-share purchase price
(98% of NAV as of July 11, 2007): $6.98 Aggregate proceeds to be
distributed: $63,790,052.67 � Putnam Municipal Bond Fund Number of
shares properly tendered: 5,034,323.833 Approximate percentage of
common shares tendered: 29.99% Number of shares accepted for
repurchase: 1,678,471 Pro-ration percentage: 32.79803% Per-share
purchase price (98% of NAV as of July 11, 2007): $13.02 Aggregate
proceeds to be distributed: $21,853,694.12 The number of shares
tendered for each fund reflects shares properly tendered and not
withdrawn. Proceeds of the tender offer will be distributed to
shareholders promptly. In approving the tender offer program for
these funds, the Trustees considered that tender offers would give
shareholders an opportunity to sell at least some of their shares
at a price close to NAV, and that the tender offer price of 98% of
NAV would help offset the costs that shareholders who retain their
shares would otherwise bear in connection with the tender offers.
About Putnam Investments: Founded in 1937, Putnam Investments is
one of the nation's oldest and largest money management firms. As
of June 30, 2007, Putnam managed $193 billion assets. Mutual fund
assets were $121 billion. Institutional assets were $72 billion.
Putnam has offices in Boston, London, and Tokyo. For more
information, go to www.putnam.com.
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