{"id":459139,"date":"2021-03-16T16:18:17","date_gmt":"2021-03-16T20:18:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=459139"},"modified":"2021-03-16T16:18:17","modified_gmt":"2021-03-16T20:18:17","slug":"eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\/","title":{"rendered":"Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; Eaton Vance New York Municipal Income Trust Announces Conditional Tender Offer"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">BOSTON<\/span>, <span class=\"xn-chron\">March 16, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Eaton Vance Floating-Rate Income Trust (NYSE: EFT), Eaton Vance Senior Floating-Rate Trust (NYSE: EFR) and Eaton Vance New York Municipal Income Trust (NYSE American: EVY) (each, a &#8220;Fund&#8221; and, collectively, the &#8220;Funds&#8221;) today announced that their Boards of Trustees (the &#8220;Board&#8221;) have taken the actions described below.<\/p>\n<p>\n        <i>Conditional Tender Offers.<\/i>\u00a0 The Board has authorized a conditional cash tender offer for up to 25% of each Fund&#8217;s outstanding common shares at a price per share equal to 99% of the Fund&#8217;s net asset value per share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expires.\u00a0 The tender offer is conditioned on shareholder approval of the relevant Fund&#8217;s new investment advisory agreement with Eaton Vance Management, the Funds&#8217; investment adviser, at the upcoming joint special meeting of shareholders to be held on <span class=\"xn-chron\">March 19, 2021<\/span> or an adjournment thereof.\u00a0\u00a0<\/p>\n<p>Additional terms and conditions of each tender offer will be set forth in the associated Fund offering materials and additional press releases, as applicable.\u00a0 If the number of shares tendered in a tender offer exceeds the maximum amount of the tender offer, the Fund will purchase shares from tendering shareholders on a pro rata basis (disregarding fractional shares). \u00a0Accordingly, there is no assurance that a Fund will purchase all of a shareholder&#8217;s tendered common shares in a tender offer.\u00a0 A Fund may determine not to accept shares tendered in the tender offer under various circumstances, as will be set forth in the offering materials.\u00a0 <\/p>\n<p>\n        <i>EFT and EFR Conditional Distribution Rate Increase.<\/i>\u00a0 EFT and EFR also announced today that, if shareholders approve the new investment advisory agreement at the upcoming joint special meeting of shareholders, EFT and EFR will increase their regular monthly distributions on common shares to <span class=\"xn-money\">$0.0775<\/span> and <span class=\"xn-money\">$0.0813<\/span> per share, respectively, representing an increase of approximately 25 percent from the <span class=\"xn-chron\">March 2021<\/span> distributions of <span class=\"xn-money\">$0.0620<\/span> and <span class=\"xn-money\">$0.0650<\/span> per share, respectively.\u00a0 The distribution increases will commence with the first monthly distribution announced following shareholder approval of the relevant Fund&#8217;s new investment advisory agreement.\u00a0 By raising the Funds&#8217; regular monthly distributions, the Board seeks to enhance long-term shareholder value.<\/p>\n<p>Fund distributions may include amounts from sources other than net investment income. \u00a0When that is estimated to be the case, shareholders will be notified on a monthly basis. \u00a0The final determination of the tax character of Fund distributions will occur after the end of each calendar year, at which time that determination will be reported to shareholders. \u00a0Fund distributions in any period may be more or less than the net return earned by the Fund on investments, and therefore should not be used as a measure of performance or confused with &#8220;yield&#8221; or &#8220;income.&#8221; Distributions in excess of Fund returns will cause a Fund&#8217;s net assets and net asset value per share to decline. <\/p>\n<p>For its fiscal year beginning on <span class=\"xn-chron\">June 1, 2020<\/span> through <span class=\"xn-chron\">February 28, 2021<\/span>, EFT has distributed <span class=\"xn-money\">$0.549<\/span> per share, which is estimated to be sourced from ordinary income.\u00a0 If EFT had adopted the conditional distribution rate increase on <span class=\"xn-chron\">June 1, 2020<\/span> and the condition described above had been satisfied, its distributions for the fiscal year to date through <span class=\"xn-chron\">February 28, 2021<\/span> on a pro forma basis would have been approximately <span class=\"xn-money\">$0.698<\/span> per share, an estimated 79% percent of which would have been sourced from ordinary income and an estimated 21% from return of capital.\u00a0 <\/p>\n<p>For its fiscal year beginning on <span class=\"xn-chron\">November 1, 2020<\/span> through <span class=\"xn-chron\">February 28, 2021<\/span>, EFR has distributed <span class=\"xn-money\">$0.26<\/span> per share, which is estimated to be sourced from ordinary income.\u00a0 If EFR had adopted the conditional distribution rate increase on <span class=\"xn-chron\">November 1, 2020<\/span> and the condition described above had been satisfied, its distributions for the fiscal year to date through <span class=\"xn-chron\">February 28, 2021<\/span> on a pro forma basis would have been approximately <span class=\"xn-money\">$0.325<\/span> per share, an estimated 80% of which would have been sourced from ordinary income and an estimated 20% from return of capital.\u00a0 <\/p>\n<p>Investors should not draw any conclusions about a Fund&#8217;s investment performance from the amount of its distributions.\u00a0 Fund distributions may be affected by numerous factors, including changes in Fund performance, the cost of leverage, portfolio holdings, realized and projected returns, and other factors. There can be no assurance that future Board action, an unanticipated change in market conditions or other unforeseen factors will not result in a change in the Fund&#8217;s distributions at a future time.<\/p>\n<p>Eaton Vance Corp. was acquired by Morgan Stanley on <span class=\"xn-chron\">March 1<\/span>, 2021.\u00a0 Its Eaton Vance Management, Parametric, Atlanta Capital and Calvert investment affiliates are now part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. <\/p>\n<p>\n        <b>About the Funds<\/b>\n      <\/p>\n<p>Except pursuant to a tender offer, common shares of the Funds are available for purchase or sale only through secondary market trading at their current market price. Shares of closed-end funds (such as each Fund) often trade at a discount from their net asset value. The market price of a closed-end fund&#8217;s shares may vary from net asset value based on factors affecting the supply and demand for shares, such as fund distribution rates relative to similar investments, investors&#8217; expectations for future distribution changes, the clarity of a fund&#8217;s investment strategy and future return expectations, and investors&#8217; confidence in the underlying markets in which the fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. Shares of each Fund are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Each Fund is not a complete investment program and you may lose money investing in the Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully a Fund&#8217;s investment objective, risks, charges and expenses.\u00a0 <\/p>\n<p>This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of a Fund.\u00a0 The Funds have not commenced the conditional tender offers described in this release.\u00a0 Each tender offer will be made only if the condition described above is satisfied, and only by an offer to purchase, a related letter of transmittal and other documents filed with the SEC as exhibits to a tender offer statement on Schedule TO, with all such documents available on the SEC&#8217;s website at <a href=\"http:\/\/www.sec.gov\" rel=\"nofollow\">www.sec.gov<\/a>.\u00a0 For a tender offer, the Fund will also make available to shareholders without charge the offer to purchase and the letter of transmittal.\u00a0 Shareholders should read these documents carefully, as they would contain important information about the tender offer.\u00a0 <\/p>\n<p>\n        <i>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 <a href=\"http:\/\/www.eatonvance.com\" rel=\"nofollow\">www.eatonvance.com<\/a>.<\/i>\n      <\/p>\n<p>\n        <i>Statements in this press release that are not historical facts may be 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 that may be beyond a Fund&#8217;s control and could cause actual results to differ materially from those set forth in the forward-looking statements. <\/i>\n      <\/p>\n<p>\n        <b>Investor Contact:<\/b>\u00a0(800) 262-1122<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NE12004&amp;sd=2021-03-16\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income-trust-announces-conditional-te-301248772.html\">http:\/\/www.prnewswire.com\/news-releases\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income-trust-announces-conditional-te-301248772.html<\/a><\/p>\n<p>SOURCE  Eaton Vance Management<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NE12004&amp;Transmission_Id=202103161615PR_NEWS_USPR_____NE12004&amp;DateId=20210316\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire BOSTON, March 16, 2021 \/PRNewswire\/ &#8212;\u00a0Eaton Vance Floating-Rate Income Trust (NYSE: EFT), Eaton Vance Senior Floating-Rate Trust (NYSE: EFR) and Eaton Vance New York Municipal Income Trust (NYSE American: EVY) (each, a &#8220;Fund&#8221; and, collectively, the &#8220;Funds&#8221;) today announced that their Boards of Trustees (the &#8220;Board&#8221;) have taken the actions described below. Conditional Tender Offers.\u00a0 The Board has authorized a conditional cash tender offer for up to 25% of each Fund&#8217;s outstanding common shares at a price per share equal to 99% of the Fund&#8217;s net asset value per share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expires.\u00a0 The tender offer is conditioned on shareholder approval &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; Eaton Vance New York Municipal Income Trust Announces Conditional Tender Offer&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-459139","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; Eaton Vance New York Municipal Income Trust Announces Conditional Tender Offer - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; Eaton Vance New York Municipal Income Trust Announces Conditional Tender Offer - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire BOSTON, March 16, 2021 \/PRNewswire\/ &#8212;\u00a0Eaton Vance Floating-Rate Income Trust (NYSE: EFT), Eaton Vance Senior Floating-Rate Trust (NYSE: EFR) and Eaton Vance New York Municipal Income Trust (NYSE American: EVY) (each, a &#8220;Fund&#8221; and, collectively, the &#8220;Funds&#8221;) today announced that their Boards of Trustees (the &#8220;Board&#8221;) have taken the actions described below. Conditional Tender Offers.\u00a0 The Board has authorized a conditional cash tender offer for up to 25% of each Fund&#8217;s outstanding common shares at a price per share equal to 99% of the Fund&#8217;s net asset value per share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expires.\u00a0 The tender offer is conditioned on shareholder approval &hellip; Continue reading &quot;Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; Eaton Vance New York Municipal Income Trust Announces Conditional Tender Offer&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-16T20:18:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NE12004&amp;sd=2021-03-16\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; 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Eaton Vance New York Municipal Income Trust Announces Conditional Tender Offer - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\/","og_locale":"en_US","og_type":"article","og_title":"Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; Eaton Vance New York Municipal Income Trust Announces Conditional Tender Offer - Market Newsdesk","og_description":"PR Newswire BOSTON, March 16, 2021 \/PRNewswire\/ &#8212;\u00a0Eaton Vance Floating-Rate Income Trust (NYSE: EFT), Eaton Vance Senior Floating-Rate Trust (NYSE: EFR) and Eaton Vance New York Municipal Income Trust (NYSE American: EVY) (each, a &#8220;Fund&#8221; and, collectively, the &#8220;Funds&#8221;) today announced that their Boards of Trustees (the &#8220;Board&#8221;) have taken the actions described below. Conditional Tender Offers.\u00a0 The Board has authorized a conditional cash tender offer for up to 25% of each Fund&#8217;s outstanding common shares at a price per share equal to 99% of the Fund&#8217;s net asset value per share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expires.\u00a0 The tender offer is conditioned on shareholder approval &hellip; Continue reading \"Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; Eaton Vance New York Municipal Income Trust Announces Conditional Tender Offer\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-16T20:18:17+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=NE12004&amp;sd=2021-03-16","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eaton-vance-floating-rate-income-trust-and-eaton-vance-senior-floating-rate-trust-announce-conditional-tender-offers-and-conditional-distribution-rate-increases-eaton-vance-new-york-municipal-income\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; 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