Printer Friendly

INTERCAPITAL QUALITY MUNICIPAL SECURITIES OFFERS 3,500 AUCTION RATE PREFERRED SHARES AT $50,000 A SHARE

 NEW YORK, Nov. 9 /PRNewswire/ -- Dean Witter Distributors Inc. and Merrill Lynch & Co. announced today the public offering of 700 Series 1 Auction Rate Preferred Shares (ARPS), 700 Series 2 ARPS, 700 Series 3 ARPS, 700 Series 4 ARPS and 700 Series 5 ARPS of InterCapital Quality Municipal Securities at a price of $50,000 per share. The ARPS will be preferred shares of the trust that entitle their holders to receive cash dividends at a rate that may vary for successive dividend periods. It is expected that the initial dividend period for each of Series 1 ARPS, Series 2 ARPS and Series 3 ARPS will be a two-week dividend period, for Series 4 ARPS will be a three-month period and for Series 5 ARPS will be a six-month period. Subsequent dividend periods may vary from seven days to five years.
 The initial dividend rate for the ARPS will be 2.45 percent per annum for Series 1, 2.45 percent per annum for Series 2, 2.45 percent per annum for Series 3, 2.70 percent per annum for Series 4 and 2.90 percent per annum for Series 5. Thereafter, the dividend rate for each subsequent dividend period will be reset according to bid orders, hold orders and sell orders placed by existing and potential holders in an auction.
 InterCapital Quality Municipal Securities is a closed-end diversified management investment company which seeks to provide current income exempt from federal income tax. The trust will seek to achieve its investment objective by investing primarily in a diversified portfolio of tax-exempt Municipal Obligations which are rated in three highest grades by Moody's Investors Service, Inc. or Standard & Poor's Corporation (in each case, A or higher) or, if not rated, are determined to be of comparable quality.
 -0- 11/9/93
 /CONTACT: Mike Durbin of Dean Witter Distributors Inc., 212-392-4235/


CO: InterCapital Quality Municipal Securities ST: IN: FIN SU: OFR

CK -- NY081 -- 2285 11/09/93 13:21 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 9, 1993
Words:328
Previous Article:ECS ACQUISITION CORP. COMPLETES TENDER OFFER FOR DCA ACQUISITION
Next Article:CRAYOLA CELEBRATES 9O YEARS BY LAUNCHING NEW GENERATION OF CRAYON COLORS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters