Putnam Announces Final Results of Tender Offer for Putnam Master Intermediate Income Trust

Thu Apr 17, 4:12 PM

BOSTON--(BUSINESS WIRE)--Putnam Investments today announced final results of a tender offer for 15% of the outstanding common shares of Putnam Master Intermediate Income Trust (NYSE: PIM), a closed-end fund. The offer expired at 5:00 p.m. Eastern Daylight Time on April 11, 2008.

The tender offer for the fund was oversubscribed, meaning that pursuant to the terms of the offer, not all shares that were tendered were accepted for payment by the fund. Pursuant to the pro-ration procedures disclosed in the fund’s tender offer materials provided to shareholders, the fund accepted for payment the maximum number of shares covered by the offer (approximately 15% of its outstanding common shares). The fund applied its pro-ration percentage (given below) and accepted for payment that percentage of the shares tendered. Those shares that were tendered but not accepted for payment will continue to be held by their record owners. Shareholders who tendered certificated shares and whose tenders were pro-rated will receive new share certificates representing the balance of their shares.

Below are the final results of the tender offer for the fund:

Number of shares properly tendered:   34,931,408.829
Approximate percentage of common shares tendered: 43.19 %
Number of shares accepted for repurchase: 12,130,566
Pro-ration percentage: 34.72682 %
Per-share purchase price (99% of NAV as of April 11, 2008): $ 6.64
Aggregate proceeds to be distributed: $ 80,546,958.24

The number of shares tendered for the fund reflects shares properly tendered and not withdrawn. Proceeds of the tender offer will be distributed to shareholders promptly.

In approving this tender offer, the Trustees considered that the tender offer would give shareholders an opportunity to sell at least some of their shares at a price close to NAV, and that the tender offer price of 99% of NAV would help offset the costs that the fund and the remaining shareholders will bear in connection with the tender offer. The Trustees approved the tender offer upon the recommendation of Putnam Investments and in connection with requests from certain shareholders for enhanced fund liquidity.

About Putnam

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of March 31, 2008, Putnam managed $168 billion in assets, of which $99 billion is for mutual fund investors and $69 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.

Putnam Investments
SHAREHOLDERS
1-800-225-1581
or
MEDIA
Sinead Martin, 617-760-8515