MainStay DefinedTerm Municipal Opportunities Fund Announces Pricing and Placement of Private Offering of $70 Million Fixed Rate Municipal Term Preferred Shares

NEW YORK, Oct. 4, 2012 /PRNewswire/ -- MainStay DefinedTerm Municipal Opportunities Fund (the "Fund") (NYSE: MMD), today announced that it successfully priced and placed two series of privately offered Fixed Rate Municipal Term Preferred Shares ("FMTP") of $35 million each pursuant to Rule 144A under the Securities Act of 1933. The proceeds from each offering will be used to seek to achieve the Fund's investment objective, which is contained in the Fund's prospectus.

The Fund's daily New York Stock Exchange closing prices, net asset values per share, as well as other information, are available at www.nylinvestments.com/MainStayClosedEndFund or by calling the Fund's shareholder servicing agent at (855) 456-9683.

About MainStay Investments
With over $62 billion in assets under management, as of July 31, 2012, MainStay Investments is the mutual fund distribution arm of New York Life.  MainStay provides financial advisors access to a powerful mix of autonomous, institutional investment managers, delivered by people who understand the needs of today's financial advisor. As an indirect subsidiary of New York Life Insurance Company, a Fortune 100 company founded in 1845, MainStay is owned by the largest mutual life insurance company in the United States* and one of the largest life insurers in the world.

About MacKay Shields LLC
MacKay Shields LLC ("MacKay") serves as the Fund's investment sub-advisor.  MacKay is an indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings LLC.  MacKay is a multi product investment management firm with approximately $71 billion in assets as of July 31, 2012.  MacKay manages a number of fixed income strategies for institutional clients and retail mutual funds, including: high yield, high yield active core, core plus, global fixed income, municipal and investment grade.  MacKay also manages convertible strategies.

About New York Life's Investments Group
The Investments Group of New York Life ranks among the largest asset management firms in the United States*. Through its multiple-boutique investment structure, New York Life offers access to an array of products designed for both institutional and retail clients. New York Life is a leading provider of retirement plans for corporations, multi-employer trusts and individuals, and is recognized as one of the nation's top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 2,000 employees, the Investments Group of New York Life managed more than $345 billion in assets as of July 31, 2012.

Past performance is no assurance of future results.  Investment return and market value of an investment in the Fund will fluctuate.  Shares, when sold, may be worth more or less than their original cost.

This material may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates and information about possible or future results or events related to the Fund, market or regulatory developments. The views expressed herein are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed herein are subject to change at any time based upon economic, market, or other conditions and the Fund undertakes no obligation to update the views expressed herein.

*Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, May 21, 2012.
**Pensions & Investments, May 30, 2012

SOURCE MainStay Investments




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