This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Eaton Vance Floating-Rate Income Trust Announces Private Placement Of Variable Rate Term Preferred Shares

BOSTON, Dec. 18, 2012 /PRNewswire/ -- Eaton Vance Floating-Rate Income Trust (NYSE: EFT), a closed-end management investment company sponsored and managed by Eaton Vance, announced today the successful private placement of 800 Series C-1 Variable Rate Term Preferred Shares (VRTP Shares), with a par value of $80 million. The Trust intends to use the net proceeds of the offering to redeem and/or repurchase its outstanding Auction Preferred Shares (APS) and to maintain the Trust's leveraged capital structure.

The VRTP Shares are a form of preferred shares with a mandatory redemption date of December 18, 2015, unless extended. The VRTP Shares are being issued to a commercial paper conduit sponsored by a large financial institution (the Conduit).  Dividends on the VRTP Shares are determined each day based on a spread to the Conduit's current cost of funding. VRTP Shares rank on parity with the Trust's outstanding APS as to voting rights, payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Trust, but pay dividends at different rates than the APS. The Trust's leverage is not expected to change materially as a result of the VRTP Share issuance and the expected APS redemption/repurchase.

Eaton Vance Corp. (NYSE: EV) is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $199.5 billion in assets as of October 31, 2012, offering individuals and institutions 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 about Eaton Vance, visit

This news release contains statements that are not historical facts, referred to as "forward looking statements." Actual future results may differ significantly from those stated in any forward looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the continuation of investment advisory, administration, and service contracts, and other risks discussed from time to time.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,945.06 +32.77 0.19%
S&P 500 1,995.83 +15.91 0.80%
NASDAQ 4,759.67 -31.4820 -0.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs