NEW YORK, July 27, 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
today that it commenced a voluntary tender offer to purchase up to
100% of its outstanding auction preferred shares ("APS") at a price
per share equal to 94% of the liquidation preference of
$25,000 per share (or $23,500 per share), plus any unpaid dividends
accrued through the expiration date of the tender offer. Each
Fund's tender offer will expire on August
24, 2015, at 5:00 p.m. Eastern
Time. If one or both offers are extended beyond August 24, 2015 another press release will be
issued to provide notification of the extension. Additional terms
and conditions of the tender offers are set forth in the Funds'
tender offer materials, which have been filed with the Securities
and Exchange Commission ("SEC") and will be distributed to APS
holders.
Each Fund's tender offer will be conditioned upon the successful
private placement of new preferred shares and certain other
conditions as will be set forth in the Fund's offer to purchase and
related letter of transmittal. The new preferred shares, if
successfully placed, will allow each Fund to replace the leverage
currently obtained through tendered APS with new preferred shares.
The investment adviser and the Board of Directors of each Fund
believe the tender offer and proposed issuance of preferred shares
is in the best interests of the Fund and its stockholders.
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 announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of the Funds. Any
tender offer will be made only by an offer to purchase, a related
letter of transmittal and other related documents, which have been
filed with the SEC as exhibits to a tender offer statement on
Schedule TO and are available free of charge at the SEC's website
at www.sec.gov. APS holders should read these documents and related
exhibits for the applicable Fund as the documents will contain
important information about each Fund's tender offer. The Funds
will also make available, without charge, the offer to purchase and
the letters of transmittal.
ANMIF and ACMIF are closed-end U.S.-registered management
investment companies advised by AllianceBernstein L.P. with assets
of approximately $655 million and
$198 million, respectively.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-and-alliance-california-municipal-income-fund-inc-announce-tender-offers-for-auction-preferred-shares-300118731.html
SOURCE AllianceBernstein National Municipal Income Fund, Inc.;
Alliance California Municipal Income Fund, Inc.