Simpson Thacher represented each of Western Asset Managed Municipals Fund Inc. (NYSE: MMU) and Western Asset Municipal Partners Fund Inc. (NYSE: MNP) in a merger of MNP with and into MMU. As a result of the merger, each share of MNP’s common stock converted into an equivalent dollar amount (to the nearest $0.001) of full shares of common stock of MMU based on each Fund’s net asset value per share calculated at the close of business on Friday, October 13, 2023. In addition, MMU issued and delivered to holders of shares of MNP’s Series 1 Variable Rate Demand Preferred Stock (“MNP Series 1 VRDPS”) newly-issued shares of MMU’s Series 2 Variable Rate Demand Preferred Stock with the same aggregate liquidation preference and terms as MNP’s Series 1 VRDPS issued and outstanding immediately before the date of the merger.
Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is investment manager to each Fund and Western Asset Management Company, LLC (“Western Asset”) is each Fund’s subadviser. LMPFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”). Franklin Resources is a global investment management organization with subsidiaries operating as Franklin Templeton.
The Simpson Thacher team for the transaction included David Blass, Ryan Brizek, Debbie Sutter, Andy Madore, Kelsey Henderson and Elizabeth Trask (Registered Funds) and Benjamin Rippeon, Jonathan Cantor and Scott Grundei (Tax).