NEW YORK, Sept. 1, 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 the final results for each Fund's 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. The
tender offers 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validly tendered and not withdrawn during the offering period have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 accepted for payment.
Each Fund has accepted for payment, with respect to ANMIF, 1,783
Series M APS, 1,004 Series T APS, 1,971 Series W APS and 1,246
Series TH APS, and, with respect to ACMIF, 680 Series M APS and
1,027 Series T APS. The shares 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 accepted for payment
6,004 APS, which represent approximately 62% of its outstanding
APS. ACMIF has accepted for payment 1,707 APS, which represent
approximately 59% of its outstanding APS.
Payment for such shares will be made on September 2, 2015. APS that were not tendered
will remain outstanding.
Each Fund also announced today that it completed a private
offering of Variable Rate MuniFund Term Preferred Shares ("VMTPS"),
liquidation preference $25,000 per
share. ANMIF issued and sold 5,644 VMTPS in its offering, and ACMIF
issued and sold 1,605 VMTPS in its offering. The net proceeds from
the offering have been used to repurchase the APS that have been
accepted for payment pursuant to the tender offer.
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 $657 million and
$199 million, respectively, as of
August 31, 2015.
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SOURCE AllianceBernstein L.P.