MFS Municipal Income Trust (NYSE: MFM), MFS Investment Grade Municipal Trust (NYSE: CXH), MFS High Income Municipal Trust (NYSE: CXE), and MFS High Yield Municipal Trust (NYSE: CMU) today announced that each fund has completed the issuance of a new series of Remarketed Variable Rate MuniFund Preferred Shares, Series 2051 ("Series 2051 RVMTP Shares") in a private offering. MFM issued 1,138 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $113,800,000, CXH issued 488 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $48,800,000, CXE issued 975 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $97,5000,000, and CMU issued 750 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $75,000,000. Each fund used the proceeds from the sale of its Series 2051 RVMTP Shares to fund the redemption of all of its outstanding Variable Rate Municipal Term Preferred Shares ("VMTP Shares"). Each fund's VMTP Shares were redeemed at its liquidation preference per share plus unpaid dividends accumulated from the original issue date to, but excluding, the redemption date. As a result of the Series 2051 RVMTP Shares issuance and the redemption of its outstanding VMTP Shares, each fund's leverage attributable to preferred shares remains substantially unchanged.
MFS Municipal Closed-End Funds Announce Refinancing of Term of Preferred Shares
Jul 20, 2021
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