In a recent development, the NYLI MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) has announced an extension of its operational term. On December 3, 2024, the fund's board approved an amendment and restatement of its Declaration of Trust, now establishing a new 12-year term that will conclude on December 31, 2036.
This decision follows the successful completion of a tender offer that was initiated on October 17, 2024, where the fund offered to purchase all of its outstanding common shares at a price equivalent to the net asset value (NAV) per share, calculated as per the fund's valuation procedures. The tender offer, which expired on November 14, 2024, was met with shareholder approval, leading to the subsequent extension of the fund's term.
The amended Declaration of Trust, which formalizes this extension, took effect on the same day as the board's approval. This move is expected to provide the fund with a defined timeline for operations and investment planning, aligning with the interests of its shareholders and the strategic direction of the fund.
The NYLI MacKay DefinedTerm Municipal Opportunities Fund, incorporated in Delaware, is known for its focus on municipal bond investments. It operates with a fiscal year ending May 31 and is headquartered at 51 Madison Avenue, New York, NY.
The fund's recent actions, including the tender offer and the extension of its term, are documented in the SEC filing dated December 9, 2024.
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