NEW YORK, Aug. 2, 2018 /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") announced today
that each Fund's Board of Directors has unanimously approved a
voluntary tender offer to purchase up to 100% of the Fund's
outstanding auction preferred shares ("APS") at a price per share
to be determined by a committee of the Board prior to the
commencement of the tender offer. The Funds expect to
announce additional details, including the timing of the tender
offers, as soon as practicable.
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. Additional terms of each
tender offer will be set forth in each Fund's tender offer
materials when they are filed and become available. 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.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of the Funds.
The Funds have not yet commenced any tender offer described
in this press release. Upon commencement of a tender offer,
the applicable Fund will file with the Securities and Exchange
Commission a tender offer statement on Schedule TO and related
exhibits, including an offer to purchase, a related letter of
transmittal and other related documents, and the tender offer
documents, when available, will be mailed by each Fund to holders
of the APS. APS holders can obtain the tender offer documents
free of charge when they are filed and become available on the
Securities and Exchange Commission's website at www.sec.gov.
In addition, each Fund will make available to its APS
holders, without charge, additional copies of the offer to purchase
and related letter of transmittal for such Fund. APS holders
should read these documents and related exhibits for the applicable
Fund when they are filed and become available as the documents will
contain important information about each Fund's tender offer.
ANMIF and ACMIF are closed-end U.S.-registered management
investment companies advised by AllianceBernstein L.P. with total
net assets, including APS at liquidation value, of approximately
$504.5 million and $156.7 million, respectively.
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SOURCE AllianceBernstein National Municipal Income Fund and
Alliance California Municipal Income Fund