Saba Capital enters into agreement with Delaware Investments National Municipal Income Fund

NEW YORK–(BUSINESS WIRE)–Saba Capital Management, LP and certain related parties (collectively “Saba” or “we”) announced today that they have entered into an agreement with Delaware Investments National Municipal Income Fund (NYSE: VFL) (the “Fund”).

Under the terms of the agreement, the Fund will launch a substantial cash tender offer for up to 50% of the outstanding common shares of the Fund at a price per share equal to 99% of the Net Asset Value (“NAV”) of the Fund by (the “Tender Offer”). The Fund will repurchase the shares tendered and accepted under the tender offer in exchange for cash. In exchange for the tender offer, Saba agreed to certain customary standstill provisions.

“Saba is pleased to have reached this agreement through constructive engagement with the Fund’s Board of Directors and Delaware Management Company, a series of Macquarie Investment Management Business Trust,” said Paul Kazarian, Partner and Portfolio Manager at Saba. “We believe that all shareholders will benefit from the takeover bid contemplated by the agreement as it allows shareholders to tender their shares at a price close to the net asset value of the Fund.

About Saba Capital

Saba Capital Management, LP is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns to a diverse group of institutional clients. The firm, which is a pioneer in relative credit value and capital structure trading, currently invests in four main strategies: relative credit value, tail hedging, SPACs and closed-end funds. Founded in 2009 by Boaz Weinstein, Saba is a private company owned by his partnership and headquartered in New York. Learn more about www.sabacapital.com.