Western Asset Managed Municipals Fund Inc. Announces Completion of Merger and Share Conversion Price

Western Asset Managed Municipals Fund Inc. (NYSE: MMU) today announced the completion of the merger of Western Asset Municipal Partners Fund Inc. (NYSE: MNP and together with MMU, the “Funds” or each, a “Fund”) with and into MMU (the “Merger”). Effective before markets open on Monday, October 16, 2023, MNP stockholders became MMU stockholders.

Each MNP common share, par value $0.001 per share, converted into an equivalent dollar amount (to the nearest $0.001) of full common shares, par value $0.001 per share, of MMU. The conversion price was based on each Fund’s net asset value (NAV) per share calculated at the close of business on Friday, October 13, 2023.

NAV, as of 10/13/23 market close

	MMU			$10.8615
	MNP			$12.7401

The conversion ratio was calculated at 1.172960 common shares of MMU for each MNP common share. MMU did not issue any fractional common shares to MNP stockholders. In lieu thereof, MMU purchased all fractional shares at the then current NAV and remitted the cash proceeds to former MNP stockholders in proportion to their fractional shares.

MMU’s post-Merger net assets totaled $594,862,631.61, and its NAV per common share was $10.8615 based on approximately 54,767,923 shares outstanding, as of the close of business on October 13, 2023.

As of the close of the Merger, the previously announced distributions for October and November for MNP common stockholders will be cancelled and MNP common stockholders will instead receive MMU distributions for October and November.

In addition, MMU issued and delivered for distribution to holders of shares of MNP Series 1 Variable Rate Demand Preferred Stock (“MNP Series 1 VRDPS”) newly-issued shares of MMU’s Series 2 Variable Rate Demand Preferred Stock (“MMU Series 2 VRDPS”) with the same aggregate liquidation preference and terms as MNP’s Series 1 VRDPS, respectively, issued and outstanding immediately before the date of the Merger. The newly-issued MMU Series 2 VRDPS have equal priority with any other outstanding shares of MMU’s Series 1 Variable Rate Demand Preferred Stock as to the payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the affairs of MMU. Any accrued and unpaid dividends on the MNP Series 1 VRDPS have been assumed by MMU and will be payable on the same dividend payment schedule.