Tender offers for auction preferred shares?

[marko]

Can someone tell me what this means?

Excerpt:
Certain PIMCO Closed-End Funds Announce Tender Offers for Auction Rate Preferred Shares
), PIMCO New York Municipal Income Fund II (NYSE: PNI) and PIMCO New York Municipal Income Fund III (NYSE: PYN) (each, a “Fund” and, together, the “Funds”) today announced that each Fund has commenced a voluntary tender offer (each, a “Tender Offer” and, together, the “Tender Offers”) for up to 100% of its outstanding auction rate preferred shares (“ARPS”) at the following percentages of the ARPS’ per share liquidation preference of $25,000 per share (plus any unpaid dividends accrued through the expiration date of the Tender Offer:

 

[Bogie]

Can someone tell me what this means?

Excerpt:
Certain PIMCO Closed-End Funds Announce Tender Offers for Auction Rate Preferred Shares
), PIMCO New York Municipal Income Fund II (NYSE: PNI) and PIMCO New York Municipal Income Fund III (NYSE: PYN) (each, a “Fund” and, together, the “Funds”) today announced that each Fund has commenced a voluntary tender offer (each, a “Tender Offer” and, together, the “Tender Offers”) for up to 100% of its outstanding auction rate preferred shares (“ARPS”) at the following percentages of the ARPS’ per share liquidation preference of $25,000 per share (plus any unpaid dividends accrued through the expiration date of the Tender Offer:

I don't know if similar to Auction Rate Securities but if it is be careful. I had ARS in the 2008 time period and the ARS market failed. I eventually got my money back but only because Cuomo sued the people behind it and the companies were forced to make whole.


I seem to remember an executive from one of the companies doing some time.




https://en.wikipedia.org/wiki/Auction_rate_security

 

[marko]

This was announced a few weeks ago but I haven't seen any notable price actions nor can I find anything in the internet "conversations" that should give me concern.

I'm just no familiar what any of it means or if I should be alarmed.