Simpson Thacher represented each of Franklin Municipal Opportunities Trust and Franklin Managed Municipal Income Trust in private placements of variable rate demand preferred stock, raising additional capital for each fund. Net proceeds from the offering will be used for general corporate purposes and to refinance existing leverage.
Franklin Advisers, Inc. (FAV) is the investment manager to each fund and Franklin Templeton Investment Management Limited (FTIML) is each fund’s subadviser. Putnam Investment Management, LLC (Putnam Management) performs certain non-advisory services to each fund. FAV, FTIML and Putnam Management are indirect, wholly-owned subsidiaries of Franklin Templeton, Inc., a global investment management organization.
The Simpson Thacher team for the transaction included David Blass, Ryan Brizek, Debbie Sutter, Andy Madore, Emily Towill and Nathan Wecht (Registered Funds); Ari Zak, Jon Cantor and Michael Leitner (Tax).