Olshan Client Karpus Investment Management Reaches Agreement with Federated Investment Management Company for a Cash Tender Offer and Reorganization

Olshan client Karpus Investment Management has entered into an agreement with Federated Investment Management Company (“FIMC”), the investment manager of FedeArated Premier Intermediate Municipal Income Fund (“FPT”) and Federated Premier Municipal Income Fund (“FMN” and together with FPT, the “Federated Funds”).  Under the agreement, FIMC agreed to have FPT conduct a cash tender offer for up to 20% of its outstanding common shares at a price equal to 98% of FPT’s net asset value on the date the tender offer expires.  In addition, FIMC agreed to commence a reorganization pursuant to which FPT would be reorganized with and into FMN.  FIMC agreed to use its best efforts to commence the tender offer as soon as practicable, but no later than July 15, 2017 and to use its best efforts to complete the tender offer by August 30, 2017.  FIMC also agreed to use its best efforts to solicit proxies from shareholders of the Federated Funds and to consummate the reorganization by November 30, 2017.  Under the agreement, Karpus Investment Management has agreed to support the reorganization and has also agreed to certain customary standstill provisions until the termination of the agreement.  Olshan represented Karpus Investment Management in connection with its investment in the Federated Funds.