Saba Capital Reaches Agreement With Federated Hermes

Federated Hermes Premier Municipal Income Fund Will Conduct a Cash Tender Offer for 32% of Its Shares at 99% of NAV

NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, “Saba”), today announced that it has entered into a standstill agreement with Federated Investment Management Company, which is the investment advisor of the Federated Hermes Premier Municipal Income Fund (NYSE: FMN) (the “Fund”).

In connection with the agreement, the Fund will conduct a tender offer to purchase up to 32% of its outstanding common shares in cash. The tender offer will provide all shareholders the opportunity to tender some or all of their common shares at a price equal to 99% of the Fund’s net asset value per share as determined on the day the tender offer expires or the preceding or subsequent business day. The tender offer is expected to commence September 13, 2024, and end October 11, 2024.

If greater than 32% of the Fund’s outstanding common shares are properly tendered and not properly withdrawn, the Fund will purchase common shares tendered and not withdrawn on a prorated basis. If less than 32% of the Fund’s outstanding common shares are properly tendered and not withdrawn, then the Fund will only be obligated to purchase such amount of common shares actually properly tendered and not withdrawn.

Pursuant to the terms of the agreement, Saba has also agreed to comply with certain standstill covenants and to vote its shares in accordance with the recommendations of the Fund’s Board of Trustees.

About Saba Capital

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba is headquartered in New York City. Learn more at www.sabacapital.com.