NEW YORK--(BUSINESS WIRE)--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 |
_____________
* Estimated based on the AA rated financial commercial paper interest rate as of June 26, 2023.
BNY Mellon Strategic Municipal Bond Fund, Inc.
Series |
CUSIP |
Number of Shares |
Payment Date |
Redemption Price* |
Series A APS |
09662E208 |
698 |
July 17, 2023 |
$25,027 |
Series B APS |
09662E307 |
662 |
July 19, 2023 |
$25,027 |
Series C APS |
09662E406 |
612 |
July 21, 2023 |
$25,027 |
_____________
* Estimated based on the AA rated financial commercial paper interest rate as of June 26, 2023.
BNY Mellon Strategic Municipals, Inc.
Series |
CUSIP |
Number of Shares |
Payment Date |
Redemption Price* |
Series M APS |
05588W207 |
763 |
July 17, 2023 |
$25,027 |
Series T APS |
05588W306 |
747 |
July 18, 2023 |
$25,027 |
Series W APS |
05588W405 |
660 |
July 19, 2023 |
$25,027 |
Series TH APS |
05588W504 |
566 |
July 20, 2023 |
$25,027 |
Series F APS |
05588W603 |
420 |
July 21, 2023 |
$25,027 |
_____________
* Estimated based on the AA rated financial commercial paper interest rate as of June 26, 2023.
On and after the Redemption Date of each series of APS, all shares of such series shall be deemed no longer to be outstanding, and all rights with respect to the series of APS shall forthwith at the close of business on the Redemption Date cease and terminate, except only the right of the holders thereof to receive the Redemption Price of the shares so redeemed, but without interest, upon surrender of such shares, and that such holders may be entitled to Additional Dividends.
Important Information
BNY Mellon Investment Adviser, Inc., the investment adviser for the Fund, is part of BNY Mellon Investment Management. BNY Mellon Investment Management is one of the world’s largest asset managers, with $1.9 trillion in assets under management as of March 31, 2023. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from seven investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of BNY Mellon. Additional information on BNY Mellon Investment Management is available on www.bnymellonim.com.
BNY Mellon Investment Management is a division of BNY Mellon, which has $46.6 trillion in assets under custody and/or administration as of March 31, 2023. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Closed-end funds are traded on the secondary market through one of the stock exchanges. Fund investment returns and principal values will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective.
This release is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security.
