0001623632-17-001654.txt : 20170731 0001623632-17-001654.hdr.sgml : 20170731 20170731154227 ACCESSION NUMBER: 0001623632-17-001654 CONFORMED SUBMISSION TYPE: SC TO-I/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20170731 DATE AS OF CHANGE: 20170731 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED PREMIER INTERMEDIATE MUNICIPAL INCOME FUND CENTRAL INDEX KEY: 0001202806 IRS NUMBER: 471284989 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-I/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-84631 FILM NUMBER: 17992894 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 4122881401 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED INTERMEDIATE MUNICIPAL INCOME FUND DATE OF NAME CHANGE: 20021031 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED PREMIER INTERMEDIATE MUNICIPAL INCOME FUND CENTRAL INDEX KEY: 0001202806 IRS NUMBER: 471284989 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-I/A BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 4122881401 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED INTERMEDIATE MUNICIPAL INCOME FUND DATE OF NAME CHANGE: 20021031 SC TO-I/A 1 form.htm

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

SCHEDULE TO

Tender Offer Statement Under Section 14(d)(1) or 13(e)(1) of the

Securities Exchange Act Of 1934

 

Federated Premier Intermediate Municipal Income Fund

(Name of Subject Company (Issuer))

 

Federated Premier Intermediate Municipal Income Fund

(Name of Filing Person (Issuer))

 

Common Shares, Par Value $0.01 Per Share

(Title of Class of Securities)

 

31423M105

(CUSIP Number of Class of Securities)

 

John W. McGonigle, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(412) 288-1900

(Name, Address and Telephone Number of Person Authorized to Receive Notices

and Communications on Behalf of the Person(s) Filing Statement)

 

With a Copy to:

 

Jennifer R. Gonzalez, Esq.

K&L Gates LLP

1601 K Street, NW

Washington, DC 20006

Telephone: (202) 778-9000

 

Calculation of Filing Fee

Transaction Valuation   Amount of Filing Fee
$19,446,892.45(a)   $2,253.90(b)

 

(a)       Calculated as the aggregate maximum purchase price to be paid for 1,396,465 shares in the offer, based upon a price of 98% of the net asset value per share of $14.21 on July 6, 2017.

 

(b)       Calculated at $115.90 per $1,000,000 of the Transaction Valuation.

 

xCheck the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

Amount Previously Paid:   $2,253.90 Filing Party:  Federated Premier Intermediate Municipal Income Fund
Form or Registration No.:  Schedule TO Date Filed:    July 14, 2017

 

¨Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

 

Check the appropriate boxes below to designate any transactions to which the statement relates:

 

¨ third party tender offer subject to Rule 14d-1.

x       issuer tender offer subject to Rule 13e-4.

¨ going-private transaction subject to Rule 13e-3.

¨ amendment to Schedule 13D under Rule 13d-2.

 

Check the following box if the filing is a final amendment reporting the results of the tender offer. ¨

 

 
 

 

Items 1 through 9 and Item 11.

This Amendment No. 1 hereby amends and supplements the Tender Offer Statement on Schedule TO initially filed by Federated Premier Intermediate Municipal Income Fund (NYSE: FPT), a Delaware statutory trust (the “Fund”), with the Securities and Exchange Commission on July 14, 2017 (as amended hereby, the “Schedule TO”). The Schedule TO relates to the Fund’s offer to purchase up to 20% of its outstanding common shares, par value $0.01 per share (the “Offer”), upon the terms and subject to the conditions set forth in the Fund’s Offer to Purchase dated July 14, 2017 and the related Letter of Transmittal, as the same may be amended or supplemented, copies of which have been filed as Exhibits (a)(1)(i) and (a)(1)(ii), respectively. Filed herewith as Exhibit (a)(5)(ii) is a copy of the press release issued by the Fund dated July 31, 2017 announcing its semi-annual earnings and reminding shareholders of the expiration date of the Tender Offer and the information contained therein is incorporated herein by reference.

 

Item 12.Exhibits.

 

 

Exhibit No.

 

Document

(a)(5)(ii) Press Release issued by the Fund dated July 31, 2017.

 

Item 13.

 

Not applicable.

 

 

 
 

Signature

 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

 

Federated Premier Intermediate Municipal Income Fund

 

 

 

By: /s/ J. Christopher Donahue

Name: J. Christopher Donahue

Title: President

 

 

Dated as of: July 31, 2017

 
 

 

Exhibit Index

 

Exhibit No.

 

Document

(a)(1)(i) Offer to Purchase dated July 14, 2017.
(a)(1)(ii) Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9).
(a)(1)(iii) Notice of Guaranteed Delivery.
(a)(1)(iv) Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
(a)(1)(v) Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
(a)(1)(vi) Letter to Shareholders dated July 14, 2017.
(a)(1)(vii) Notice of Withdrawal.
(a)(5)(i) Press Release issued by the Fund dated July 14, 2017.
(a)(5)(ii) Press Release issued by the Fund dated July 31, 2017.

 

EX-99.PRESS RELEASE 2 pressrelease.htm

Exhibit (a)(5)(ii)—Press Release

Federated Investors’ Closed-End Municipal Funds Report Semi-Annual Earnings

(PITTSBURGH, Pa., July 31, 2017) -- Federated Premier Municipal Income Fund (NYSE: FMN) and Federated Premier Intermediate Municipal Income Fund (NYSE: FPT) today announced earnings for the six-month period ended May 31, 2017. Established in 2002, the funds seek to provide investors with income that is exempt from federal income tax, including alternative minimum tax (AMT), by investing in municipal securities from different sectors, states and issuers across the country.

For the six-month period, FMN had net investment income of $2.4 million or $0.39 per common share. From this amount, FMN paid distributions on auction market preferred shares (AMPS) of $78,049. Net realized and unrealized gains were $3.4 million or $0.54 per common share. At May 31, 2017, FMN had an undistributed income reserve of $0.017 per common share. Total managed assets of both common and preferred shareholders of FMN were $147.2 million and the net asset value per common share was $15.11.

For the six-month period, FPT had net investment income of $2.0 million or $0.28 per common share. From this amount, FPT paid distributions on AMPS of $63,413. Net realized and unrealized gains were $4.2 million or $0.60 per common share. At May 31, 2017, FPT had an undistributed income reserve of $0.021 per common share. Total managed assets of both common and preferred shareholders of FPT were $161.2 million and the net asset value per common share was $14.34.

Both FMN and FPT have paid monthly tax-free dividends since their first dividend declaration in February 2003. Fund composition and performance data for the funds as of June 30, 2017 is available in the Products section of FederatedInvestors.com. Data is updated on the website approximately 15 days following each month-end and full portfolio listings are updated approximately 30 days following each calendar quarter-end. To order hard copies or to be placed on a mailing list, call 1-800-245-0242 x5587538, email CEinfo@federatedinv.com or write to Federated Investors, 1001 Liberty Avenue, Floor 23, Pittsburgh, PA 15222.

On July 14, 2017, FPT commenced a tender offer for up to 20 percent of its outstanding common shares at a price equal to 98 percent of its net asset value per common share in U.S. dollars as determined as of the end of regular trading on the NYSE on the day the tender offer expires. The tender offer is currently expected to expire on Aug. 11, 2017. Questions about the tender offer can be directed to the Georgeson LLC, the information agent for the tender offer, toll free at (866) 856-6388.

The Boards of Trustees for FPT and FMN, upon the recommendation of the Funds’ investment adviser, have approved FPT reorganizing with and into FMN in what is expected to be a tax-free transaction. Implementing the reorganization also requires the approval of FPT’s and FMN’s shareholders and, if so approved, is currently anticipated to occur during the fourth quarter of 2017.

Federated Investors, Inc. (NYSE: FII) is one of the largest investment managers in the United States, managing $360.4 billion in assets as of June 30, 2017. With 122 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 8,500 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.

###

 

This press release is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of FPT or FMN. FPT has commenced the tender offer mentioned in this press release pursuant to an offer to purchase, a related letter of transmittal and other documents that have been filed with the Securities and Exchange Commission (the SEC) as exhibits to a tender offer statement on Schedule TO and are available free of charge at the SEC’s website at www.sec.gov.

 

This press release mentions a reorganization, which, if approved by shareholders, would be conducted pursuant to an agreement and plan of reorganization that will be included in a registration statement to be filed by FMN (the Registration Statement). The Registration Statement has yet to be filed with the SEC. After the Registration Statement is filed with the SEC, it may be amended or withdrawn until the Registration Statement is declared effective by the SEC. A joint prospectus/proxy statement to be included in the Registration Statement will not be distributed to shareholders of FPT and FMN unless and until the Registration Statement is declared effective by the SEC. The joint prospectus/proxy statement will contain information with respect to the investment objectives, risks, charges and expenses of the funds and other important information about FPT and FMN. The joint prospectus/proxy statement will constitute neither an offer to sell securities, nor will it constitute a solicitation of an offer to buy securities, in any state where such offer or sale is not permitted.

 

Shareholders should read the offer to purchase and tender offer statement on Schedule TO and related exhibits that have been filed with the SEC and are available as they contain important information about the tender offer. Shareholders should read any Registration Statement and joint prospectus/proxy statement if and when those documents are filed and become available as they would contain important information about the proposed reorganization. Investors should consider the investment objectives, risks, charges and expenses of FPT and FMN carefully.

 

Certain statements made in this press release, such as those related to the tender offer and reorganization, are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments; legal and regulatory developments; and other additional risks and uncertainties. As a result, none of the investment advisor, the funds or any other person assumes responsibility for the accuracy and completeness of such statements in the future.

 

 
 

 

 

Federated Premier Municipal Income Fund (FMN)

SUMMARY OF RESULTS OF OPERATIONS

(for a common share outstanding throughout each period)

 

 

Six Months Ended

(unaudited)

 

 

Year Ended Nov. 30,

 

May 31,

2017

 

2016

 

2015

 

2014

 

2013

 

2012

Net Asset Value, Beginning of Period $ 14.55 $ 15.26 $ 15.37 $ 13.95 $ 16.08 $ 13.86
Income from Investment Operations:            
Net investment income1 0.39 0.81 0.87 0.89 0.91 0.94
Net realized and unrealized gain (loss) on investments and futures contracts

 

0.54

 

(0.66)

 

(0.10)

 

1.43

 

(2.13)

 

2.16

Distributions to auction market        preferred shareholders from net investment income2

(0.00)3

(0.00)3

(0.00)3

(0.00)3

(0.00)3

(0.00)3

TOTAL FROM INVESTMENT OPERATIONS

0.93

0.15

0.77

2.32

(1.22)

3.10

Less Distributions to Common Shareholders:            
From net investment income (0.37) (0.86) (0.88) (0.90) (0.91) (1.00)
Increase from AMPS Tender and Repurchase        —             —      —      —          —          0.12
Net Asset Value, End of Period $ 15.11 $ 14.55 $ 15.26 $ 15.37 $ 13.95 $ 16.08
Market Price, End of Period $ 14.28 $ 14.07 $ 14.85 $ 14.47 $ 12.47 $ 16.95
Total Return at Net Asset Value4 6.44% 0.73% 5.17% 17.09% (7.76)% 23.90%
Total Return at Market Price5 4.14% 0.17% 8.98% 23.38% (21.58)% 21.37%

1 Per share numbers have been calculated using the average shares method.

2 The amounts shown are based on Common Share equivalents.

3 Represents less than $0.01.

4 Total Return at Net Asset Value is the combination of changes in the Common Share net asset value, reinvested dividend income and reinvested capital gains distributions at net asset value, if any, and does not reflect the sales charge, if applicable. Total returns for periods of less than one year are not annualized.

5        Total Return at Market Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of the reinvestment. Total returns for periods of less than one year are not annualized.

 



 
 

 

Federated Premier INTERMEDIATE Municipal Income Fund (FPT)

SUMMARY OF RESULTS OF OPERATIONS

(for a common share outstanding throughout each period)

 

 

Six Months Ended

(unaudited)

 

 

Year Ended Nov. 30,

 

May 31,

2017

 

2016

 

2015

 

2014

 

2013

 

2012

Net Asset Value, Beginning of Period $ 13.73 $ 14.43 $ 14.50 $ 13.64 $ 15.27 $ 13.94
Income from Investment Operations:            
Net investment income1 0.28 0.62 0.72 0.67 0.71 0.74
Net realized and unrealized gain (loss) on investments and futures contracts

 

0.60

 

(0.66)

 

(0.12)

 

0.90

 

(1.61)

 

1.22

Distributions to auction market        preferred shareholders from net investment income2

(0.00)3

(0.00)3

(0.00)3

(0.00)3

(0.00)3

(0.00)3

TOTAL FROM INVESTMENT OPERATIONS

0.88

(0.04)

0.60

1.57

(0.90)

1.96

Less Distributions to Common Shareholders:            
From net investment income (0.27) (0.66) (0.67) (0.71) (0.73) (0.78)
Increase from AMPS Tender and Repurchase             —         —      —        —          —           0.15
Net Asset Value, End of Period $ 14.34 $ 13.73 $ 14.43 $ 14.50 $ 13.64 $ 15.27
Market Price, End of Period $ 13.55 $ 12.73 $ 13.29 $ 12.59 $ 12.14 $ 16.09
Total Return at Net Asset Value4 6.48%       (0.52)%         4.22% 11.76% (6.00)% 15.51%
Total Return at Market Price5 8.65% 0.41% 11.08% 9.59%    (20.33)% 22.29%

1 Per share numbers have been calculated using the average shares method.

2 The amounts shown are based on Common Share equivalents.

3 Represents less than $0.01.

4 Total Return at Net Asset Value is the combination of changes in the Common Share net asset value, reinvested dividend income and reinvested capital gains distributions at net asset value, if any, and does not reflect the sales charge, if applicable. Total returns for periods of less than one year are not annualized.

5        Total Return at Market Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of the reinvestment. Total returns for periods of less than one year are not annualized.