AllianceBernstein National Municipal Income Fund, Inc. (the “Fund”; NYSE: AFB), a registered closed-end investment company, announced today that it intends to commence a private offering of up to $100 million of Variable Rate Demand Preferred Shares (“2024 VRDPS”). The 2024 VRDPS will be offered only to qualified institutional buyers, such as money market funds, as defined pursuant to Rule 144A under the Securities Act of 1933.

Proceeds from the offering are expected to be used, in conjunction with proceeds from the creation of tender option bond (“TOB”) trusts by the Fund, to redeem all of the Fund’s currently outstanding 2019 Variable Rate MuniFund Term Preferred Shares (“2019 VMTPS”) at a redemption price of $25,000 per share, plus accumulated but unpaid dividends. The aggregate amount to be paid by the Fund in connection with the redemption of the 2019 VMTPS is $143.85 million, plus accumulated but unpaid dividends. As of 2024-05-10, the Fund’s leverage was 39.6% and National Municipal (tax-free) Bond Group leverage was 29.6%.