Cases & Deals

Major financial institution purchases VMTP Shares in private placement by two Federated closed-end municipal bond funds

Clients Major financial institution

Jones Day represented a major financial institution in connection with the purchase of $45.5 million and $270 million Variable Rate Municipal Term Preferred Shares (VMTP Shares) in a private placement by two Federated closed-end municipal bond funds, the proceeds of which were used to redeem existing Auction Rate Preferred Shares of the issuing funds.