AllianceBernstein National Municipal Income Fund, Inc. Announces Completion Of Full Redemption Of 2015 Variable Rate MuniFund Term Preferred Shares And Auction Preferred Shares And Issuance Of New Preferred Shares As Substitute Leverage

NEW YORK, Sept. 4, 2019 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. ((the ", Fund", , NYSE:AFB), a registered closed-end investment company, announced today that it had redeemed all of its previously outstanding 2015 Variable Rate MuniFund Term Preferred Shares ("2015 VMTPS") at a redemption price of $25,000 per share, plus accumulated but unpaid dividends, on August 28, 2019.  The aggregate amount paid by the Fund in connection with the redemption of the 2015 VMTPS was $141.1 million.

In addition, the Fund announced today that it had completed the redemption of its previously outstanding Auction Preferred Shares ("Auction Preferred Shares") at a redemption price of $25,000 per share, plus accumulated but unpaid dividends.  The aggregate amount paid by the Fund in connection with the redemption of the Auction Preferred Shares was $2.75 million.  The Fund redeemed the Auction Preferred Shares according to the following schedule:

The redemptions of the 2015 VMTPS and Auction Preferred Shares were funded from the proceeds of the issuance of new preferred shares of the Fund, 2019 Variable Rate MuniFund Term Preferred Shares ("2019 VMTPS"), aggregating $143.85 million.  The issuance allowed the Fund to replace the leverage previously obtained through the 2015 VMTPS and Auction Preferred Shares with the 2019 VMTPS. 

SOURCE AllianceBernstein National Municipal Income Fund, Inc.