In the news release, Eaton Vance Municipal Income Term Trust (EXT) Raises $205 Million in Initial Public Offering, issued 26-Mar-2013 by Eaton Vance Management over PR Newswire, we are advised by the company that in the headline and last sentence of the first paragraph, the Eaton Vance Municipal Income Term Trust ticker symbol should be ETX rather than EXT as originally issued inadvertently. The complete, corrected release follows:
Eaton Vance Municipal Income Term Trust (ETX) Raises $205 Million in Initial Public Offering
BOSTON, March 26, 2013 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) announced today the initial public offering of common shares of Eaton Vance Municipal Income Term Trust (the "Trust"), a new closed-end fund. The Trust is issuing 10,250,000 shares at an initial price of $20.00 per share, resulting in gross proceeds of $205 million. Up to approximately 1.5 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 "ETX."
The Trust's investment objective is to provide current income exempt from regular federal income tax. The Trust will seek to achieve its investment objective by investing primarily in municipal obligations, a portion of which will be investment grade and a portion of which may be below investment grade at the time of investment. The Trust has a term of fifteen years and currently intends to cease its investment operations on or about June 30, 2028 and thereafter liquidate and distribute its net assets to holders of the Trust's common shares. An investment in the Trust may not be appropriate for all investors, particularly those that are not subject to federal income tax. There is no assurance that the Trust will achieve its investment objective.
The underwriting syndicate was led by UBS Investment Bank and included Morgan Stanley & Co. Incorporated, Citigroup Global Markets, Inc. and BofA Merrill Lynch.