Western Asset Intermediate Muni Fund Inc., Western Asset Municipal Partners Fund Inc. and Western Asset Managed Municipals Fund Inc. Announce Board Approval of Proposed Merger Plan

Feb 13, 2023

Western Asset Intermediate Muni Fund Inc. (NYSE: SBI), Western Asset Municipal Partners Fund Inc. (NYSE: MNP) and Western Asset Managed Municipals Fund Inc. (NYSE: MMU) today announced approval by each Fund’s Board of Directors of a proposal to merge (i) SBI with and into MMU and (ii) MNP with and into MMU, subject to approval by the stockholders of each Fund. The approval of each merger is not contingent upon the approval of the other merger. If approved, the mergers are anticipated to occur during the third quarter of 2023. If the proposed mergers are approved by the stockholders of each Fund, (i) common stockholders of SBI and MNP would receive common stock of MMU, based on each Fund’s respective net asset value (“NAV”) per share, (ii) holders of SBI’s and MNP’s variable rate demand preferred stock (“VRDPS”) would receive shares of VRDPS of MMU in the same number and with identical terms to their respective VRDPS, and (iii) holders of SBI’s, MNP’s and MMU’s auction rate preferred stock (“ARPS”) would have their shares redeemed in accordance with their terms in advance of the closing of the mergers. Any redemption of ARPS will be contingent upon shareholder approval of the merger for the specific Fund. In lieu of issuing fractional shares of common stock, MMU will pay cash to each former common stockholder of SBI and MNP in an amount equal to the value of the fractional shares of MMU common stock that the investor would otherwise have received in the merger.

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