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Stocks/PMM/SEC Filings/SC TO-I Nov 5, 2026

PMM SC TO-I: Tender offer

Franklin Managed Municipal Income Trust

Filed with the SEC on Nov 5, 2026 · accession 0001193125-26-449142

PMM filed a SC TO-I (sc to-i) with the SEC on Nov 5, 2026. Franklin Managed Municipal Income Trust (PMM) announced final results of its tender offer to repurchase up to 100% of its Series A and Series C Remarketed Preferred Shares at 92.875% of liquidation preference, accepting 1,607 shares (~92% of outstanding). The stock moved +0.6% by the first close after the filing.

Summary of the filing

Franklin Managed Municipal Income Trust (PMM) announced final results of its tender offer to repurchase up to 100% of its Series A and Series C Remarketed Preferred Shares at 92.875% of liquidation preference, accepting 1,607 shares (~92% of outstanding). The Fund funded the repurchase with net proceeds from a concurrent offering of 1,000 Series 1 Variable Rate Demand Preferred Shares.

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Key details

Series A purchase price per share$93K
Series C purchase price per share$46K
Series A liquidation preference per share$100K
Series C liquidation preference per share$50K
Number of Remarketed Shares accepted for paymentshares 2K
Series 1 Variable Rate Demand Preferred Shares offeredshares 1K
IssuerFranklin Managed Municipal Income Trust
Investment managerFranklin Advisers, Inc.
SubadviserFranklin Templeton Investment Management Limited
SubadviserPutnam Investment Management, LLC

How PMM stock reacted

Close before

$6.31

Nov 4, 2026

First close after

+0.63%

$6.35

5 trading days

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Since filing

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Frequently asked questions

What did PMM file with the SEC on Nov 5, 2026?

PMM filed a SC TO-I (Tender offer). Franklin Managed Municipal Income Trust (PMM) announced final results of its tender offer to repurchase up to 100% of its Series A and Series C Remarketed Preferred Shares at 92.875% of liquidation preference, accepting 1,607 shares (~92% of outstanding). The Fund funded the repurchase with net proceeds from a concurrent offering of 1,000 Series 1 Variable Rate Demand Preferred Shares.

What does a tender offer mean for PMM stock?

A contract important enough that investors need to know about it — a big customer contract, a loan, a merger agreement or a partnership.

How do I read a SC TO-I?

A report the company filed with the SEC (the US market regulator). Start with the summary, then the key amounts and names. Compare it with the company’s earlier filings.

Why are SEC filings important?

Public companies must tell the SEC about anything that can change their value — results, leadership changes, big deals, new shares, bankruptcy. Filings are the official source, often before the news. A SC TO-I (sc to-i): A report the company filed with the SEC (the US market regulator).

How did PMM stock react to this filing?

PMM closed at $6.31 before the filing and $6.35 on Nov 5, 2026 (+0.63%).

Other PMM SEC filings

  • EFFECT · Shelf registrationOct 8, 2026
  • SC TO-I · Tender offerOct 1, 2026

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Source: SEC EDGAR filing 0001193125-26-449142. The summary and key details are extracted by SEPT from the filing and may contain errors. Price reaction uses daily closing prices. Not financial advice.