Exhibit (a)(5)(i)
MBIA CAPITAL /CLAYMORE MANAGED DURATION
INVESTMENT GRADE MUNICIPAL FUND
ANNOUNCES TENDER OFFER PROGRAM
NEW YORK, NY- November 27, 2009 - MBIA Capital/Claymore Managed Duration
Investment Grade Municipal Fund (the "Fund") (NYSE:MZF) today announced that it
will commence a tender offer for up to 15% of its outstanding common shares at a
price equal to at least 98% of the Fund's net asset value ("NAV") per share on
the date the tender offer expires. The Fund will commence the initial tender
offer prior to March 1, 2010 (the "Initial Tender Offer"). In addition, upon the
occurrence of certain events as set forth below and certain other terms and
conditions, the Fund's Board of Trustees has also agreed to conduct three
additional tender offers as soon as reasonably practicable after June 1, 2010,
September 1, 2010 and December 1, 2010 (the "Conditional Tender Offers").
The Fund will commence each Conditional Tender Offer for up to 5% of the then
outstanding common shares of MZF at a price equal to at least 98% of the NAV of
MZF's common shares as determined as of the close of regular trading session of
the New York Stock Exchange on the date such Conditional Tender Offer expires,
if during approximately three calendar months prior to such Conditional Tender
Offer (each a "Conditional Tender Offer Test Period"), the common shares of MZF
have traded on the New York Stock Exchange at an average daily discount from NAV
of more than 5% during the applicable Conditional Tender Offer Test Period. If
the average of MZF's daily discount of market price to net asset value for each
trading day in the applicable Conditional Tender Offer Test Period is less than
5% during such period, MZF will not conduct any subsequent Conditional Tender
Offers. Each Conditional Tender Offer is also subject to certain additional
terms and conditions including, for example, that such Conditional Tender Offer
would not constitute a breach of Board of Trustee's fiduciary duty owed to MZF
or its shareholders.
The Fund believes that conducting the tender offers at a price equal to at least
98% of NAV will accommodate the interests of shareholders who seek an
opportunity to dispose of their shares as well as shareholders who desire to
remain shareholders of the Fund.
The tender offers described in this announcement, including the Initial Tender
Offer, have not yet commenced. Each of the tender offers will be made, and the
shareholders of the Fund will be notified, in accordance with the Securities
Exchange Act of 1934, as amended, the Investment Company Act of 1940, as
amended, and other applicable rules and regulations. This announcement is not an
offer to purchase or a solicitation of an offer to sell shares of the Fund.
The tender offers will be made only by an Offer to Purchase for Cash and the
related Letter of Transmittal. As soon as each tender offer commences, the Fund
will file a tender offer statement with respect to such tender offer with the
Securities and Exchange Commission. Shareholders should read the Offer to
Purchase for Cash and the related Letter of Transmittal when it is available
because it contains important information. You may obtain a tender offer
statement and other filed documents for free at the Securities and Exchange
Commission's web site
(www.sec.gov), by calling the Fund at 800-345-7999 or by writing the Fund at
Claymore Securities, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532,
800-345-7999.
MBIA Capital Management Corp. is the Fund's Investment Adviser. Based in Armonk,
NY, MBIA specializes in the management of fixed-income securities, with $43
billion in fixed-income assets under management as of September 30, 2009.
Founded in 1994, MBIA Capital Management Corp. maintains a particular expertise
in investment-grade municipal bond investing, and is a wholly-owned subsidiary
of MBIA Inc.
Claymore Securities, Inc. is a privately-held financial services company
offering unique investment solutions for financial advisors and their valued
clients. Claymore entities have provided supervision, management or servicing on
approximately $13.3 billion in assets, as of September 30, 2009. Claymore
currently offers closed-end funds, unit investment trusts and exchange-traded
funds. To learn more about Claymore's closed-end funds, please visit
www.claymore.com/cef. Registered investment products are sold by prospectus only
and investors should read the prospectus carefully before investing.
This information does not represent an offer to sell securities of the Fund and
it is not soliciting an offer to buy securities of the Fund. There can be no
assurance that the Fund will achieve its investment objectives. The net asset
value of the Fund will fluctuate with the value of the underlying securities. It
is important to note that closed-end funds trade on their market value, not net
asset value, and closed-end funds often trade at a discount to their net asset
value. Past performance is not indicative of future performance. An investment
in the Fund is subject to certain risks and other considerations. Such risks and
considerations include, but are not limited to: Liquidity and Market Price of
Shares Risk; Market Risk and Selection Risk; Municipal Bond Market Risk;
Interest Rate and Credit Risk; Call and Redemption Risk; Private Activity Bonds
Risk; Risks of Tobacco-Related Municipal Bonds; Leverage Risk; Inflation Risk;
Auction-Market Preferred Shares Risk; Portfolio Strategies Risk; Derivatives
Risk; Affiliated Insurers Risk; Anti-Takeover Provisions; and Market Disruption.
INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES AND POLICIES, RISK
CONSIDERATIONS, CHARGES AND EXPENSES OF THE FUND CAREFULLY BEFORE THEY INVEST.
FOR THIS AND MORE INFORMATION, PLEASE CONTACT A SECURITIES REPRESENTATIVE OR
CLAYMORE SECURITIES, INC., 2455 CORPORATE WEST DRIVE, LISLE, ILLINOIS 60532,
800-345-7999.
Press & Analyst Inquiries:
William T. Korver
Claymore Securities, Inc.
cefs@claymore.com
630-505-3700
Member FINRA/SIPC 11/09
NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE