ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. ANNOUNCES PLAN FOR FULL REDEMPTION OF 2019 VARIABLE RATE MUNIFUND TERM PREFERRED SHARES AND ISSUANCE OF NEW VARIABLE RATE DEMAND PREFERRED SHARES AS SUBSTITUTE LEVERAGE
Proceeds from the offering are expected to be used, in conjunction with proceeds from the creation of tender option bond ("TOB") trusts by the Fund, to redeem all of the Fund's currently outstanding 2019 Variable Rate MuniFund Term Preferred Shares ("2019 VMTPS") at a redemption price of
The redemption of the 2019 VMTPS are subject to certain notice and other requirements and conditioned upon the successful issuance and placement of new preferred shares of the Fund. The Fund intends to redeem the 2019 VMTPS on or about
The 2024 VRDPS, if successfully placed, will allow the Fund to replace a substantial portion of the leverage currently obtained through the 2019 VMTPS with the new preferred shares. AllianceBernstein L.P., the Fund's investment adviser, and the Board of Directors of the Fund believe the full redemption of the 2019 VMTPS and proposed issuance of 2024 VRDPS is in the best interests of the Fund and its stockholders.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
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