Putnam tenders for auction-rate preferreds at 89.75 through Aug. 4

By Susanna Moon

Chicago, July 11 – Putnam Investments said that Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust began tender offers for the outstanding auction-rate preferred shares, or ARPS.

The cash purchase price will be 89.75% of the liquidation preference of each outstanding series of ARPS plus accrued dividends through Aug. 4, the expiration date, according to a company announcement.

The tender offer is contingent on a third party commitment to provide financing.

For the Putnam Management Municipal Income Trust, the issuer may be required by the fund’s bylaws to obtain consents from holders of at least a majority of the ARPS, the release noted.

AST Fund Solutions, LLC (888 540-8736) is the information agent.

The company announced plans for the tender on May 25.

Putnam is a money management firm based in Boston.

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