BNY Mellon Municipal Bond Closed-End Funds Announce Redemption of Auction Preferred Stock
BNY Mellon Investment Adviser, Inc. announced today that each of BNY Mellon Municipal Income, Inc. (NYX: DMF), BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE: DSM) and BNY Mellon Strategic Municipals, Inc. (NYSE: LEO) (each, a "Fund") will be redeeming all issued and outstanding shares of the Fund's auction preferred stock ("APS"), pursuant to Section 4(a)(i) of the Fund's Articles Supplementary classifying and designating the APS (the "Articles Supplementary"). The Board of Directors of each Fund has approved the APS redemptions.
The redemption of the APS of each Fund is contingent on the issuance by the Fund of Variable Rate MuniFund Term Preferred Shares, par value $0.001 per share, in a private placement. It is anticipated that Deposit Securities (as defined in the Articles Supplementary), with an aggregate value equal to the liquidation price of $25,000 per share plus an amount equal to any accumulated but unpaid dividends thereon (the "Redemption Price"), will be deposited with the Funds' custodian bank for the benefit of the Funds' Auction Agent on or about July 12, 2023 (the "Redemption Date"); on the date of the deposit all rights of the APS's holders (except the right to receive the Redemption Price and any Additional Dividends) will cease and terminate, and the APS will no longer be outstanding.
Commencing on the applicable Payment Date (as listed below) for each series, the Funds' Auction Agent will pay to the holders of record of each such series of APS, in exchange for each outstanding share thereof, the applicable Redemption Price (as listed below), but excluding Additional Dividends (as defined in the Articles Supplementary).
BNY Mellon Municipal Income, Inc.
Series |
CUSIP |
Number of Shares |
Payment Date |
Redemption Price* |
Series A APS |
05589T203 |
616 |
July 18, 2023 |
$25,027 |
Series B APS |
05589T302 |
593 |
July 20, 2023 |
$25,027 |
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* Estimated based on the AA rated financial commercial paper interest rate as of June 26, 2023.
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BNY Mellon Strategic Municipal Bond Fund, Inc.