AllianceBernstein National Municipal Income Fund, Inc. Announces Plan For 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, Aug. 5, 2019 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (((the ", Fund", , NYSE:AFB), a registered closed-end investment company, announced today that it intends to redeem all of its currently outstanding 2015 Variable Rate MuniFund Term Preferred Shares ("2015 VMTPS") at a redemption price of $25,000 per share, plus accumulated but unpaid dividends.  The aggregate amount to be paid by the Fund in connection with the redemption of the 2015 VMTPS is $141.1 million.

In addition, the Fund announced today that it intends to redeem all of its currently outstanding Auction Preferred Shares ("Auction Preferred Shares") at a redemption price of $25,000 per share, plus accumulated but unpaid dividends.  The aggregate amount to be paid by the Fund in connection with the redemption of the Auction Preferred Shares is $2.75 million.

The redemptions of the 2015 VMTPS and Auction Preferred Shares are subject to certain notice and other requirements and conditioned upon the successful issuance and placement of new preferred shares of the Fund.  The Fund intends to redeem the 2015 VMTPS on August 28, 2019.  The Fund intends to redeem the Auction Preferred Shares according to the following schedule:

The new preferred shares, if successfully placed, will allow the Fund to replace the leverage currently obtained through the 2015 VMTPS and Auction Preferred Shares with new preferred shares. The Fund's investment adviser, AllianceBernstein L.P., and the Board of Directors of the Fund believe the redemptions and proposed issuance of preferred shares are in the best interests of the Fund and its stockholders.

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SOURCE AllianceBernstein National Municipal Income Fund, Inc.