Exhibit (a)(1)(iv)
OFFER TO REPURCHASE
BY
MBIA CAPITAL/CLAYMORE MANAGED DURATION INVESTMENT GRADE MUNICIPAL FUND
(MZF)
TO REPURCHASE FOR CASH UP TO 1,190,339 OF THE ISSUED AND OUTSTANDING COMMON
SHARES OF BENEFICIAL INTEREST
AT
98% OF NET ASSET VALUE PER COMMON SHARE
THE OFFER TO REPURCHASE WILL EXPIRE AT 5:00 P.M., EASTERN TIME,
ON MARCH 12, 2010, UNLESS THE OFFER IS EXTENDED.
THIS OFFER IS SUBJECT TO IMPORTANT TERMS AND CONDITIONS, INCLUDING THE
CONDITIONS LISTED IN THE OFFER TO REPURCHASE DATED FEBRUARY 11, 2010
AND IN THE LETTER OF TRANSMITTAL DATED FEBRUARY 11, 2010.
February 11, 2010
To Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees:
We are enclosing herewith the materials listed below relating to the offer of
MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund, a
diversified, closed-end management investment company, organized as a statutory
trust under the laws of the state of Delaware (the "Fund"), to repurchase up to
1,190,339 (approximately 15%) of its issued and outstanding common shares of
beneficial interest, par value $0.001 per share (the "Common Shares"). As of
February 5, 2010, 7,935,591 Common Shares were outstanding. The offer is to
repurchase Common Shares in exchange for cash, at a price equal to 98% of the
net asset value per Common Share determined as of the close of the regular
trading session of the New York Stock Exchange ("NYSE"), the principal market in
which the Common Shares are traded, on the business day immediately following
the day the offer expires (the "Repurchase Pricing Date"). The offer is being
made upon the terms and subject to the conditions set forth in the Offer to
Repurchase and the related Letter of Transmittal (which together constitute the
"Offer").
We are asking you to contact your clients for whom you hold Common Shares
registered in your name (or in the name of your nominee) or who hold Common
Shares registered in their own names. Please bring the Offer to their attention
as promptly as possible. We will not pay any fees or commissions to any broker,
dealer or other person (other than BNY Mellon Shareowner Services, as depositary
(the "Depositary"), or as information agent (the "Information Agent")) for
soliciting tenders of Common Shares pursuant to the Offer. We will, however,
upon request, reimburse brokers, dealers, banks and trust companies for
reasonable and necessary costs and expenses incurred by them in forwarding
materials to their customers. BACKUP WITHHOLDING AT A 28% RATE MAY BE REQUIRED
UNLESS EITHER AN EXEMPTION IS PROVED OR THE REQUIRED TAXPAYER IDENTIFICATION
INFORMATION AND CERTIFICATIONS ARE PROVIDED. SEE SECTION 14, "UNITED STATES
FEDERAL INCOME TAX CONSEQUENCES," OF THE OFFER TO REPURCHASE AND INSTRUCTION 12,
"BACKUP WITHHOLDING," OF THE LETTER OF TRANSMITTAL.
For your information and for forwarding to your clients, we are enclosing the
following documents:
1. The Offer to Repurchase, dated February 11, 2010;
2. The Letter of Transmittal for your use and to be provided to
your clients;
3. Notice of Guaranteed Delivery;
4. Form of letter to clients that may be sent to your clients for
whose accounts you hold Common Shares registered in your name
(or in the name of your nominee); and
5. Return envelope addressed to the Depositary.
The Offer is not being made to, nor will the Fund accept tender of Common Shares
from, or on behalf of, owners of Common Shares in any jurisdiction in which the
making of the Offer or its acceptance would not comply with the securities or
"blue sky" laws of that jurisdiction.
As described in the Offer to Repurchase under Section 4, "Procedures for
Tendering Common Shares for Repurchase," tenders may be made without the
concurrent deposit of stock certificates if: (a) such tenders are made by or
through a broker or dealer that is a member firm of a registered national
securities exchange or a member of the Financial Industry Regulatory Authority,
Inc. or a commercial bank or trust company having an office, branch, or agency
in the United States; (b) a properly completed and duly executed Notice of
Guaranteed Delivery in the form provided by the Fund is received by the
Depositary prior to the Expiration Date; and (c) certificates for Common Shares
(or a confirmation of a book-entry transfer of such Common Shares into the
Depositary's account at a Book-Entry Transfer Facility (as defined in the Letter
of Transmittal)), together with a properly completed and duly executed Letter of
Transmittal, and all other documents required by the Letter of Transmittal, are
received by the Depositary prior to 5:00 p.m., Eastern time, on the third NYSE
trading day after the date of receipt by the Depositary of a properly completed
and duly executed Notice of Guaranteed Delivery.
AS DESCRIBED IN THE OFFER, THE FUND WILL, IF THE OFFER IS COMPLETED, REPURCHASE
ALL COMMON SHARES FROM SHAREHOLDERS WHO OWN BENEFICIALLY OR OF RECORD AN
AGGREGATE OF NOT MORE THAN 99 COMMON SHARES AND PROPERLY TENDER ALL OF THEIR
COMMON SHARES. IF SUCH A TENDER IS MADE BY A BROKER, COMMERCIAL BANK, TRUST
COMPANY OR OTHER NOMINEE FOR BENEFICIAL OWNER(S) OF COMMON SHARES WITH RESPECT
TO WHICH IT IS THE RECORD HOLDER, SUCH BROKER, COMMERCIAL BANK, TRUST COMPANY OR
OTHER NOMINEE MUST REPRESENT AND WARRANT IN THE LETTER OF TRANSMITTAL THAT IT
BELIEVES, BASED UPON REPRESENTATIONS MADE TO IT BY SUCH BENEFICIAL OWNER(S),
THAT EACH SUCH PERSON OWNS NOT MORE THAN 99 COMMON SHARES AND IS TENDERING ALL
OF SUCH SHARES.
NEITHER THE FUND NOR ITS BOARD OF TRUSTEES MAKES ANY RECOMMENDATION TO ANY
SHAREHOLDER AS TO WHETHER TO TENDER ANY COMMON SHARES.
For additional information or copies of the enclosed material, please contact
the Information Agent at (800) 777-3674.
Very truly yours,
MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund
NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CAUSE YOU OR ANY
OTHER PERSON TO BE THE AGENT OF MBIA CAPITAL/CLAYMORE MANAGED DURATION
INVESTMENT GRADE MUNICIPAL FUND, THE INFORMATION AGENT, OR THE DEPOSITARY, OR
AUTHORIZE YOU OR ANY OTHER PERSON TO MAKE ANY STATEMENTS OR USE ANY MATERIAL ON
THEIR BEHALF WITH RESPECT TO THE OFFER, OTHER THAN THE MATERIAL ENCLOSED
HEREWITH AND THE STATEMENTS SPECIFICALLY SET FORTH IN SUCH MATERIAL.
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