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
. 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
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.