Amundi Pioneer Asset Management (Amundi Pioneer) announced today
that each of Pioneer Municipal High Income Trust (NYSE: MHI) and
Pioneer Municipal High Income Advantage Trust (NYSE: MAV) plan to
redeem all of their outstanding auction preferred shares (APS).
Each fund’s Board of Trustees has approved a refinancing plan
expected to result in the redemption of all of each fund’s
outstanding APS. The redemption of each fund’s APS is subject to
the successful completion of the new financing. The refinancing
will be used to replace each funds’ outstanding APS as a form of
leverage.
Shares of each series of the funds’ outstanding APS will be
redeemed in accordance with the schedule below. The redemption
price will be equal to the liquidation preference per share
(sometimes referred to as “at par”) of each series of APS, plus
accumulated but unpaid dividends, if any, as of the applicable
redemption date.
MHI
APSSeries
CUSIP Number
LiquidationPreferenceper
Share
Total SharesRedeemed
Aggregate PrincipalAmount to
beRedeemed
Redemption Date A 723763207 $25,000
2,000 $50,000,000 February 14, 2018 B
723763306 $25,000 2,040 $51,000,000
February 15, 2018
MAV
APSSeries
CUSIP Number
LiquidationPreferenceper
Share
Total SharesRedeemed
Aggregate PrincipalAmount to
beRedeemed
Redemption Date A 723762209 $25,000
3,000 $75,000,000 February 20, 2018 B
723762308 $25,000 3,000 $75,000,000
February 20, 2018
After the refinancing is completed, each fund will continue to
employ financial leverage for investment purposes. Amundi Pioneer
does not expect the refinancing to reduce either fund’s leverage
outstanding.
MAV and MHI are closed-end investment companies that trade on
the New York Stock Exchange (NYSE).
Amundi Pioneer Asset Management, Inc. is each fund’s investment
adviser. On July 3, 2017, the name of the adviser was changed from
Pioneer Investment Management, Inc., coinciding with its
acquisition by Amundi. As a result of the transaction, Amundi
Pioneer Asset Management, Inc. became an indirect wholly owned
subsidiary of Amundi. Amundi, one of the world’s largest asset
managers, is headquartered in Paris, France.
Closed-end funds, unlike open-end funds, are not continuously
offered. Once issued, common shares of closed-end funds are bought
and sold in the open market through a stock exchange and frequently
trade at prices lower than their net asset value. Net Asset Value
(NAV) is total assets less total liabilities (and the liquidation
preference of preferred shares, if any) divided by the number of
common shares outstanding. For performance data on Amundi Pioneer's
closed-end funds, please call 800-225-6292 or visit our closed-end
pricing page.
Various statements contained in this press release are “forward
looking statements”. All forward looking statements involve risks
and uncertainties. In particular, any statement contained in this
press release regarding expectations or assumptions is subject to
risks, uncertainties and contingencies, including market risks,
which are beyond our control and which may cause actual results or
achievements to differ materially and perhaps substantially from
anticipated results or achievements. None of Amundi Pioneer, MAV or
MHI makes any representations or warranties (express or implied)
about the accuracy of forward looking statements.
About Amundi Pioneer Asset Management
Amundi Pioneer Asset Management (Amundi Pioneer) references the
U.S. business of the Amundi group of companies, Europe’s largest
asset manager by assets under management and among the top ten
global asset managers1. Amundi Pioneer was formed in 2017 as part
of the acquisition of Pioneer Investments by Amundi, and includes
the operations of Amundi Pioneer Asset Management USA, Inc., based
in Boston, and Amundi Smith Breeden, based in Durham, N.C.
Incorporating the expertise of the regional hub in Durham, Boston
is one of Amundi’s six main investment hubs. In addition to
investment management activities, Amundi Pioneer offers and
services a wide array of investment solutions for institutional and
private investors globally. Amundi Pioneer Asset Management, Inc.
(formerly, Pioneer Investment Management, Inc.) is an investment
adviser subsidiary of Amundi Pioneer Asset Management USA, Inc.
Pioneer Investments was founded in 1928 by Philip L. Carret and
has been a leading innovator in global asset management since its
inception. Amundi Smith Breeden, founded as Smith Breeden
Associates in 1982, is a highly regarded relative value credit
investor managing an extensive range of fixed-income strategies
tailored to the needs of institutional investors. In aggregate,
Amundi Pioneer Asset Management offers a broad range of
fixed-income, equity and multi-asset investment solutions. A focus
on proprietary research, robust risk management, disciplined
investment processes, and close partnerships with clients has made
the firms that comprise Amundi Pioneer investment managers of
choice among leading institutional and individual investors
worldwide. Amundi Pioneer had approximately $88.1 billion in assets
under management as of September 30, 2017.
Visit amundipioneer.com or amundismithbreeden.com for more
information.
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Shareholder Inquiries: Please contact your financial advisor or
visit amundipioneer.com.Broker/Advisor Inquiries Please Contact:
800-622-9876Media Inquiries Please Contact: Geoff Smith,
617-422-4727
Amundi Pioneer Distributor, Inc., Member SIPC© 2017 Amundi
Pioneer Asset Management
1Source IPE “Top 400 asset managers” published in June 2017 and
based on AUM as of end December 2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171228005438/en/
Amundi Pioneer Asset ManagementGeoff Smith,
617-422-4758geoff.smith@amundipioneer.com
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