BOSTON, July 27, 2017 /PRNewswire/ -- Eaton Vance
Management ("Eaton Vance"), a subsidiary of Eaton Vance Corp.,
announced today the initial public offering of common shares of
Eaton Vance Floating-Rate 2022 Target Term Trust (the "Trust"), a
new target term trust investing primarily in senior floating-rate
loans. The Trust is issuing 21 million shares at an initial
price of $10.00 per share, resulting
in gross proceeds of $210
million. Up to approximately 3.15 million additional
shares may be issued upon exercise of the underwriters'
overallotment option, which may not occur. The Trust begins
trading today on the New York Stock Exchange under the ticker
symbol "EFL". Eaton Vance is the Trust's investment
adviser.
The Trust's investment objectives are high current income and to
return $9.85 per common share less
offering costs (the "Original NAV") to holders of common shares on
or about October 31, 2022 (the
"Termination Date"). The Trust seeks to achieve its
investment objectives by investing, under normal circumstances, at
least 80% of its managed assets in senior floating-rate
loans.
The underwriting syndicate was led by Wells Fargo Securities,
BofA Merrill Lynch, Morgan Stanley and UBS Investment Bank.
Eaton Vance (NYSE: EV) is a leading global asset manager whose
history dates to 1924. With offices in North America, Europe, Asia
and Australia, Eaton Vance and its
affiliates managed $395.3 billion in
assets as of June 30, 2017, offering
institutions and individuals a broad array of investment strategies
and wealth management solutions. The Company's long record of
providing exemplary service, timely innovation and attractive
returns through a variety of market conditions has made Eaton Vance
the investment manager of choice for many of today's most
discerning investors. For more information, visit
eatonvance.com.
The Trust is a newly organized, diversified target term trust
with no operating history, treated as a closed-end management
investment company for regulatory purposes. Trust shares are
subject to investment risks, including possible loss of principal
invested. An investment in the Trust may not be appropriate
for all investors. There is no assurance that the Trust will
achieve its investment objectives. The objective to return
the Trust's Original NAV is not an express or implied guarantee
obligation of the Trust or any other entity. The market price of
Trust shares will be affected by factors influencing the supply and
demand for Trust shares, which may include changes in Trust
distributions, changing perceptions about the Trust and general
market conditions. The information contained herein is
provided for informational purposes only and does not constitute an
offer to sell or a solicitation of an offer to buy Trust shares.
Following the initial offering, shares of the Trust are only
available for purchase and sale at current market prices in
secondary market trading. The Trust is not a complete investment
program and you may lose money investing in the Trust.
Statements in this press release that are not historical
facts are forward-looking statements as defined by the United States securities laws. You
should exercise caution in interpreting and relying on
forward-looking statements because they are subject to
uncertainties and other factors which are, in some cases, beyond
the Trust's control and could cause actual results to differ
materially from those set forth in the forward-looking
statements.
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SOURCE Eaton Vance Corp.