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

September 2012

Clients Major financial institution

Jones Day represented a major financial institution in connection with the purchase of $341.8 million Variable Rate Municipal Term Preferred Shares (VMTP Shares) in a private placement by various MFS closed-end municipal bond funds, the proceeds of which were used to redeem outstanding Auction Rate Preferred Shares of the issuing funds.

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