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Eaton Vance Floating-Rate Income Plus Fund (NYSE: EFF) Raises $135 Million In Initial Public Offering

Stocks in this article: EV

BOSTON, June 26, 2013 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) announced today the initial public offering of common shares of Eaton Vance Floating-Rate Income Plus Fund (the "Fund"), a new closed-end fund.  The Fund is issuing 6,750,000 shares at an initial price of $20.00 per share, resulting in gross proceeds of $135 million.  Up to approximately 1,012,500 million additional shares may be issued upon exercise of the underwriters' overallotment option, which may not occur.  The Fund begins trading today on the New York Stock Exchange under the ticker symbol "EFF."  Eaton Vance Management, a wholly-owned subsidiary of Eaton Vance Corp., is the Fund's investment adviser.

The Fund's investment objective is total return, with an emphasis on income.  The Fund seeks to achieve its investment objective by investing primarily in senior, secured floating-rate loans ("Senior Loans"). Under normal market conditions, the Fund will invest at least 80% of its total assets in Senior Loans and up to 20% of its total assets in debt obligations other than Senior Loans, common and preferred stocks, and other investments. 

The underwriting syndicate was led by BofA Merrill Lynch.

Eaton Vance is one of the oldest investment management firms in the United States, with a history dating to 1924.  Eaton Vance and its affiliates managed approximately $260.3 billion in assets as of April 30, 2013, 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 www.eatonvance.com.

The Fund is a newly organized, diversified closed-end management investment company with no operating history. Fund shares are subject to investment risk, including possible loss of principal invested.  An investment in the Fund may not be appropriate for all investors.  There is no assurance that the Fund will achieve its investment objective.  The market price of Fund shares will be affected by factors influencing the supply and demand for Fund shares, which may include changes in Fund distributions, changing perceptions about the Fund and general market conditions.  The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Following the initial offering, shares of the Fund are only available for purchase and sale at current market price on a stock exchange. The Fund is subject to investment risks, including possible loss of principal invested. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws.  You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

SOURCE Eaton Vance Corp.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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