Eaton Vance Floating-Rate Income Trust announces an Equity Buyback for 19,931,845 shares, representing 50% of its outstanding shares.
June 29, 2021 at 12:00 am EDT
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Eaton Vance Floating-Rate Income Trust announces a share repurchase program. Under the program, the company will repurchase up to 19,931,845 shares, representing 50% of its outstanding shares. The offer will be conducted at a price per share equal to 99% of fund's net asset value ("NAV") per share as of the close of regular trading on the New York Stock Exchange (NYSE) on the date the offer expires. The Fund expects to borrow money to finance a portion of the purchase of tendered shares under a credit agreement that it currently has in place with Citigroup and Citibank, N.A. Other sources of funds for the purchase of tendered shares include cash on hand and the liquidation of portfolio instruments. If more shares than the offer amount are properly tendered and not withdrawn prior to the expiration date, the fund will purchase the offer amount on a pro rata basis. The offer will expire on July 30, 2021 or on such later date to which the offer is extended.
Eaton Vance Floating-Rate Income Trust (the Trust) is a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. The Trust invests in a range of sectors, including electronics/electrical, business equipment and services, health care, automotive, industrial equipment, chemicals, and plastics, building and development, oil and gas, radio and television, aerospace and defense, leisure goods/activities/movies, cosmetics / toiletries, electronics / electrical, industrial equipment, lodging and casinos, telecommunications, steel, entertainment, auto components, building products, consumer staples distribution and retail and insurance. Eaton Vance Management is the investment advisor of the Trust.