Eaton Vance Senior Floating-Rate Trust announces an Equity Buyback for 18,424,157 shares, representing 50% of its outstanding shares.
June 29, 2021 at 09:30 am IST
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Eaton Vance Senior Floating-Rate Trust announces a share repurchase program. Under the offer, the company will repurchase upto 18,424,157 shares, representing 50% of its outstanding common shares. The offer will be conducted at a price per share equal to 99% of such Fund's net asset value ("NAV") per share as of the close of regular trading on the New York Stock Exchange (NYSE) on the date the Tender Offer expires. The Fund expects to borrow money to finance a portion of the purchase of tendered shares under a credit agreement that it currently has in place with State Street Bank and Trust company. Other sources of funds for the purchase of tendered shares include cash on hand and the liquidation of portfolio instruments. If more shares than the offer amount are properly tendered and not withdrawn prior to the expiration date, the fund will purchase the offer amount on a pro rata basis. The offer will expire on July 30, 2021 or on such later date to which the offer is extended.
Eaton Vance Senior Floating-Rate Trust (the Trust) is a diversified, closed-end management investment company. The Trustâs primary investment objective is to provide a high level of current income. The Trust may, as a secondary objective, also seek the preservation of capital to the extent consistent with its primary objective. The Trust holds investments in a range of sectors, such as software, health care providers and services, machinery, chemicals, commercial services and supplies, information technology (IT) services, capital markets, hotels, restaurants and leisure, specialty retail and professional services. The Trust invests in floating-rate loans, asset-backed securities, corporate bonds and others. It has investments in the United States, Europe (excluding the United Kingdom), Northern America (excluding the United States), the United Kingdom and Asia/Pacific (excluding Japan). The Trustâs investment adviser is Eaton Vance Management.