PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fun
April 17 2024 - 6:23PM
PIMCO California Municipal Income Fund (NYSE: PCQ), PIMCO
California Municipal Income Fund II (NYSE: PCK), PIMCO California
Municipal Income Fund III (NYSE: PZC), PIMCO Municipal Income Fund
(NYSE: PMF), PIMCO Municipal Income Fund II (NYSE: PML), PIMCO
Municipal Income Fund III (NYSE: PMX), PIMCO New York Municipal
Income Fund (NYSE: PNF), PIMCO New York Municipal Income Fund II
(NYSE: PNI) and PIMCO New York Municipal Income Fund III (NYSE:
PYN) (each, a “Fund” and, together, the “Funds”) today announced
the expiration and final results of each Fund’s
previously-announced voluntary tender offer (each, a “Tender Offer”
and, together, the “Tender Offers”) for up to 100% of the Fund’s
outstanding auction rate preferred shares (“ARPS”) at a price equal
to 98% of the ARPS’ per share liquidation preference of $25,000 per
share (or $24,500 per share) and any unpaid dividends accrued
through the expiration date of the Tender Offer. The Tender Offers
expired on April 12, 2024, at 5:00 p.m. New York City time. All
ARPS that were validly tendered and not withdrawn during the
offering period of the Tender Offers have been accepted for payment
as set forth below.
NYSE Ticker |
Number of Shares Accepted for Payment |
Shares Accepted as Percentage of the Fund’s Outstanding
ARPS |
Number of ARPS Remaining Outstanding |
PCQ |
4,372 |
99.45% |
24 |
PCK |
3,856 |
98.49% |
59 |
PZC |
3,426 |
98.70% |
45 |
PMF |
5,705 |
98.28% |
100 |
PML |
9,329 |
97.32% |
257 |
PMX |
5,130 |
99.09% |
47 |
PNF |
1,317 |
98.58% |
19 |
PNI |
2,022 |
98.92% |
22 |
PYN |
1,038 |
99.71% |
3 |
All ARPS that were not tendered will remain
outstanding, and the terms of the outstanding ARPS will remain the
same as prior to the Tender Offers.
Any questions regarding the Tender Offers can be
directed to the Funds’ Information Agent, EQ Fund Solutions, LLC,
at (877) 478-5044. Each Fund’s daily New York Stock Exchange
closing market price for its common shares, net asset value per
common share, as well as other information, including updated
portfolio statistics and performance, are available
at www.pimco.com/closedendfunds.
As previously announced, each Fund may determine
to replace all or a portion of the leverage previously obtained
through tendered ARPS with other forms of leverage in accordance
with the Fund’s investment policies and related public disclosures.
There is no guarantee that a Fund will be able to replace all or a
portion of the leverage previously obtained through tendered ARPS
with leverage at comparable costs and other terms, or will elect to
do so, and any replacement leverage may be at a higher interest
rate and/or may result in higher costs to the Fund’s common
shareholders.
Following the expiration of the Tender Offers,
each Fund issued Remarketable Variable Rate MuniFund Term Preferred
Shares on April 17, 2024, each with a liquidation preference of
$100,000 per share (and at a price of $100,000 per share) (the
“RVMTP Shares”) in the amount and total proceeds shown in the table
below. The RVMTP Shares will have a Term Redemption Date of April
17, 2054 and an Early Term Redemption Date every 5th anniversary of
the issuance date, as those terms are used in the section
“Description of Capital Structure – Preferred Shares” of each
Fund’s Prospectus. The dividend rate paid on the RVMTP Shares is
expected to be the SIFMA Municipal Swap Index plus 1.30%, depending
on the long-term rating most recently assigned by the applicable
ratings agency to such RVMTP Shares.
Fund |
NYSE Ticker |
Issuance of RVMTP Shares |
Number of Shares |
Total Proceeds |
PIMCO California Municipal Income Fund |
PCQ |
1,020 |
$102,000,000 |
PIMCO California Municipal Income Fund II |
PCK |
900 |
$90,000,000 |
PIMCO California Municipal Income Fund III |
PZC |
810 |
$81,000,000 |
PIMCO Municipal Income Fund |
PMF |
1,340 |
$134,000,000 |
PIMCO Municipal Income Fund II |
PML |
2,530 |
$253,000,000 |
PIMCO Municipal Income Fund III |
PMX |
1,240 |
$124,000,000 |
PIMCO New York Municipal Income Fund |
PNF |
410 |
$41,000,000 |
PIMCO New York Municipal Income Fund II |
PNI |
500 |
$50,000,000 |
PIMCO New York Municipal Income Fund III |
PYN |
260 |
$26,000,000 |
The information on or accessible through
www.pimco.com/closedendfunds is not incorporated by reference
herein.
About PIMCO
PIMCO was founded in 1971 in Newport Beach,
California and is one of the world’s premier fixed income
investment managers. Today we have offices across the globe and
3,000+ professionals united by a single purpose: creating
opportunities for investors in every environment. PIMCO is owned by
Allianz S.E., a leading global diversified financial services
provider.
Except for the historical information and
discussions contained herein, statements contained in this news
release constitute forward-looking statements. These statements may
involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially, including the
performance of financial markets, the investment performance of
PIMCO's sponsored investment products and separately managed
accounts, general economic conditions, future acquisitions,
competitive conditions and government regulations, including
changes in tax laws. Readers should carefully consider such
factors. Further, such forward-looking statements speak only on the
date at which such statements are made. PIMCO undertakes no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statement.
This material has been distributed for
informational purposes only and should not be considered as
investment advice or a recommendation of any particular security,
strategy or investment product. No part of this material may be
reproduced in any form, or referred to in any other publication,
without express written permission. PIMCO is a trademark of Allianz
Asset Management of America LLC in the United States and throughout
the world. PIMCO Investments LLC, 1633 Broadway, New York, NY
10019, is a company of PIMCO. ©2024, PIMCO
For information on the Tender Offers:Financial
Advisors: (800) 628-1237Shareholders: (844) 337-4626 or (844)
33-PIMCOPIMCO Media Relations: (212) 597-1054
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