Saba Capital Management, L.P. Enters into a Standstill Agreement with Pioneer Floating Rate Trust
September 01, 2020 at 03:34 pm IST
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On September 1, 2020, Saba Capital Management, L.P. announced that on August 31, 2020, it entered into a standstill agreement with Pioneer Floating Rate Trust whereby the Standstill Parties agreed, among other things, and subject to certain conditions, that the Board of Trustees of the Company will cause the Company to commence a tender offer to purchase for cash 50% of its outstanding Common Shares at a price per Common Share equal to 98.5% of the Company's net asset value, subject to certain terms and conditions, with such tender offer to be completed not prior to December 20, 2020 and not later than December 31, 2020. In addition, Saba Capital agreed to withdraw its proposed nominees to serve as trustees of the Company at the Company's 2020 annual meeting of shareholders and agreed to tender all of its then-owned Common Shares of the Company in the Tender Offer.
Pioneer Floating Rate Fund, Inc. is a diversified, closed-end management investment company. The investment objective of the Fund is to seek a high level of current income and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its assets in senior floating rate loans. It invests in various sectors aerospace and defense, applications software, beverages, cable and satellite television, casino hotels, telecommunications, computer data security, computer services, consulting services, consumer products, containers-metal and glass, containers-paper and plastic, distribution and wholesale, e-commerce, electric-generation, electric-integrated and electronic composition. Amundi Asset Management US, Inc. serves as the Fund's investment adviser.
PIONEER FLOATING RATE FUND, INC. 
