BOSTON, October 05, 2023--CXE, CMU and CXH Announce Optional Partial Redemption of Preferred Shares.
MFS® Investment Grade Municipal Trust (the 'Fund') (NYSE:CXH) today commenced a cash tender offer for the Fund's common shares. The renowned financial institution, MFS Investment Management, has recently revealed its intention to conduct a tender offer, providing an opportunity for shareholders to sell their common shares back to the Fund. This move aims to provide liquidity and flexibility for the Fund and its shareholders.
The tender offer will be at a price equal to 98% of the Fund's net asset value (NAV) per common share determined as of the close of regular trading on the New York Stock Exchange (NYSE) on November 1, 2023. Shareholders who decide to participate in the offer will receive the tender offer price in cash, subject to any applicable withholding taxes.
Overview of the Transaction:
On October 3, 2023, Saba Capital Management, L.P., a New York-based investment firm, announced its intention to commence a partial redemption of preferred shares of CXE, CMU, and CXH. This redemption is optional and will provide shareholders with an opportunity to sell their preferred shares back to the Fund at a redemption price equal to 100% of the liquidation preference.
MFS Investment Management, with assets under management totaling $556 billion, is a leading global investment firm. Rob Almeida, the firm's global investment strategist, has been closely monitoring the economic landscape, anticipating a potential recession. Almeida believes that understanding the signs of a recession and its subsequent effects is crucial for successful investment management.
According to Almeida, the firm's base case has been for a recession, and they have been closely monitoring leading indicators. By staying vigilant and proactive, MFS Investment Management aims to navigate any potential economic downturn while seeking opportunities for their clients.
In line with their commitment to global expansion, MFS Investment Management has appointed DongCheol Kim as the relationship director for institutional sales in South Korea. This strategic move will strengthen their presence in the region and enable them to better serve institutional clients.
In a recent Q&A session, Kim Hyland, head of global institutional relationship management, and Rob Almeida discussed MFS Investment Management's approach to investment strategies and the importance of building strong relationships with clients. The firm's focus on understanding client needs and providing tailored solutions has been instrumental in their success.
MFS Investment Management® (MFS®) has announced the monthly distributions of several closed-end funds, including CXE, CMU, and CXH. These funds provide investors with opportunities to generate income and capital appreciation. The monthly distributions aim to provide consistent returns to shareholders and reflect MFS Investment Management's commitment to delivering value.
