The Firm represented Western Asset Intermediate Muni Fund Inc., Western Asset Managed Municipals Fund Inc. and Western Asset Municipal Partners Fund Inc. (collectively, the “Funds”) in connection with their offerings of $47.4 million aggregate principal amount, $217.58 million aggregate principal amount and $284.08 million aggregate principal amount, respectively, of Series 1 Variable Rate Demand Preferred Stock (the “VRDP Shares”). The net proceeds of each offering were used to repurchase portions of each Fund’s outstanding Auction Rate Preferred Stock (the “ARPS Shares”) pursuant to tender offers by each fund for the ARPS Shares at 90% of their liquidation preference. The Funds are closed-end management investment companies which trade on the New York Stock Exchange under the symbols “SBI,” “MMU” and “MNP,” respectively. Citigroup Global Markets Inc. acted as initial purchaser for these offerings. The VRDP Shares were offered in reliance on Rule 144A under the Securities Act.
Legg Mason Partners Fund Advisor, LLC is the Funds’ investment manager and Western Asset Management Company is the Funds’ subadvisor, both of which are wholly-owned subsidiaries of Legg Mason, Inc. Legg Mason, Inc. is a global asset management firm with approximately $709 billion in assets under management as of December 31, 2014.
The Simpson Thacher team included Sarah Cogan, Rafael Vasquez, Benjamin Wells, Alejandro de Ramon-Laca, Jay Jeongseok Yu, Elizabeth Romefelt and Grady Chang (Capital Markets); Jonathan Cantor and Devin Heckman (Tax); Joyce Xu, Lihua Chen and Chuan Liu (Derivatives); and Mark Chorazak (Bank Regulatory).