Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Income Trust Announce Preliminary Results of Tender Offers

Rhea-AI Summary

Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Income Trust announced the preliminary results of their cash tender offer for up to 10% of their outstanding common shares. EFT offered to purchase 2,909,042 common shares at a price of $12.7527 per share, while EVF offered to purchase 1,753,886 common shares at a price of $5.9756 per share. The final results will be announced on October 27, 2023.

Positive

• EFT offered to purchase 2,909,042 common shares at a price of $12.7527 per share
• EVF offered to purchase 1,753,886 common shares at a price of $5.9756 per share

Negative

• None.

BOSTON--(BUSINESS WIRE)-- Eaton Vance Floating-Rate Income Trust (NYSE: EFT) and Eaton Vance Senior Income Trust (NYSE: EVF) (each, a “Fund,” and, together, the “Funds”) each announced today the preliminary results of the Fund’s cash tender offer for up to 10% of its outstanding common shares that expired at 5:00 p.m. Eastern Time on October 25, 2023 (each, a “Tender Offer” and, together, the “Tender Offers”).

The table below shows the preliminary results for each Fund:

Fund	Common Shares Offered to Purchase Pursuant to the Tender Offer	Common Shares Properly Tendered	Purchase Price of Properly Tendered Common Shares*
EFT	2,909,042	5,903,838	$12.7527
EVF	1,753,886	1,764,482	$5.9756
* Equal to 98% of the relevant Fund’s net asset value (“NAV”) per share as of the close of regular trading on the New York Stock Exchange on October 25, 2023 (the date the Tender Offer expired).

Under the terms and conditions of each Fund’s Tender Offer, if the number of common shares properly tendered exceeds the number of common shares offered to purchase, the Fund will purchase common shares properly tendered on a pro-rata basis (disregarding fractional shares). Based on the preliminary results shown above, each Fund expects to purchase a pro-rata allocation of the common shares properly tendered.

The above-indicated results are based on preliminary information provided by Equiniti Trust Company, LLC, the depositary for each Tender Offer, are subject to adjustment and should not be regarded as final. Each Fund currently expects to announce the final results of its Tender Offer on or about October 27, 2023.

The information agent for each Tender Offer is EQ Fund Solutions, LLC. Any questions with regard to any of the Tender Offers may be directed to the information agent toll-free at 1-888-542-7446.

About Eaton Vance

Eaton Vance applies in-depth fundamental analysis to the active management of equity, income, alternative and multi-asset strategies. Eaton Vance’s investment teams follow time-tested principles of investing that emphasize ongoing risk management, tax management (where applicable) and the pursuit of consistent long-term returns. The firm’s investment capabilities encompass the global capital markets. Eaton Vance is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

About the Funds

Except for sales of shares pursuant to a tender offer, common shares of each Fund are available for purchase or sale only through secondary market trading at their current market price. Shares of closed-end funds (such as the Funds) often trade at a discount from their NAV. The market price of Fund shares may vary from NAV based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of the Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing in a Fund, prospective investors should consider carefully the Fund’s investment objective, strategies, risks, charges and expenses.

Important Notice

This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of a Fund. The Tender Offers were made only by an offer to purchase, a related letter of transmittal and other documents filed with the U.S. Securities and Exchange Commission (“SEC”) as exhibits to a tender offer statement on Schedule TO, with all such documents available on the SEC’s website at www.sec.gov. For each Tender Offer, the relevant Fund has also made available to shareholders without charge the offer to purchase and the letter of transmittal. Shareholders should read these documents carefully, as they contain important information about the relevant Tender Offer.

This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds. Additional information about the Funds, including performance and portfolio characteristic information, is available at eatonvance.com.

Statements in this press release that are not historical facts are “forward-looking statements” as defined by the U.S. 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 a Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements. All forward-looking statements are as of the date of this release only; each Fund undertakes no obligation to update or review any forward-looking statements.

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Investor Contact: (800) 262-1122

Source: Eaton Vance

What is the cash tender offer by Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Income Trust?

The cash tender offer is for up to 10% of their outstanding common shares.

What is the purchase price per share offered by EFT?

EFT offered to purchase common shares at a price of $12.7527 per share.

What is the purchase price per share offered by EVF?

EVF offered to purchase common shares at a price of $5.9756 per share.

When will the final results be announced?

The final results will be announced on October 27, 2023.