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NEW YORK, November 15, 2024--(BUSINESS WIRE)--NYLI MacKay DefinedTerm Muni Opportunities Fund (the "Fund") (NYSE: MMD) today announced the preliminary results of a tender offer.
As previously announced, the Fund conducted a tender offer allowing shareholders to offer up to 100% of their shares for repurchase for cash at a price per share equal to 100% of the net asset value per share determined on the date the tender offer expires. The tender offer expired on November 14, 2024, at 5:00 p.m. Eastern time.
Based on preliminary information, 9,080,459 common shares were tendered, representing approximately 32.5% of the Fund’s common shares outstanding. These figures do not include shares tendered through notice of guaranteed delivery.
The completion of the Fund’s tender offer is subject to certain conditions, including that the aggregate net assets of the Fund must equal or exceed $200 million as of the expiration date of the tender offer, taking into account the amounts that would be paid to shareholders who have properly tendered their shares. If the Fund’s net assets after the tender offer would be less than $200 million, the tender offer shall be cancelled, no common shares will be repurchased and the Fund will dissolve on December 31, 2024.
The Fund currently anticipates the satisfaction of all tender offer conditions and a successful completion of the tender offer and expects to announce the final results of the tender offer on or about November 18, 2024.
Shareholders participating in the tender offer will not receive the November or December 2024 monthly distributions on tendered shares.
The Fund’s daily New York Stock Exchange closing prices, net asset values per share, as well as other information are available by clicking here or by calling the Fund’s shareholder servicing agent at (855) 456-9683.
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There are risks inherent in any investment, including market risk, interest rate risk, credit risk and the possible loss of principal. There can be no assurance that the Fund’s investment objectives will be achieved. Shares of closed-end funds frequently trade at a discount from their net asset value, which may increase investor risk.
Past performance is no guarantee of future results, which will vary.
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With over $750 billion in assets under management as of September 30, 2024, New York Life Investments, a Pensions & Investments’ Top 30 Largest Money Manager1, is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company, and offers clients access to specialized, independent investment teams through its family of affiliated boutiques. New York Life Investments remains committed to clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships.