Putnam Announces Preliminary Results of Tender Offer for Putnam Master Intermediate Income Trust
Mon Apr 14, 8:25 AMBOSTON--(BUSINESS WIRE)--Putnam Investments today announced preliminary 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, which was commenced on February 29, 2008, the fund will repurchase the maximum number of shares covered by the offer (approximately 15% of its outstanding common shares) using the pro-ration procedures disclosed in the fund’s tender offer materials provided to shareholders. Below are preliminary results of the tender offer for the fund:
| Number of shares tendered and not withdrawn: | 33,988,706 | |
| Shares tendered under a notice of guaranteed delivery: | 1,956,197 | |
| Approximate percentage of common shares tendered: | 44.45% | |
| Approximate per-share purchase price (99% of NAV as | ||
| of April 14, 2008): |
|
$6.64 |
| Number of shares expected to be repurchased: | 12,130,566 |
These results are approximate and preliminary and will be confirmed within five business days. The number of shares tendered and not withdrawn for the fund reflects shares properly tendered and excludes fractional shares tendered. The percentage of shares tendered includes those shares tendered pursuant to a notice of guaranteed delivery. Proceeds of the tender offer are expected to be mailed to shareholders beginning in the week of April 21, 2008.
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.
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