{"id":538225,"date":"2021-09-14T16:33:11","date_gmt":"2021-09-14T20:33:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/"},"modified":"2021-09-14T16:33:11","modified_gmt":"2021-09-14T20:33:11","slug":"first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/","title":{"rendered":"First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b><i>First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee<\/i><\/b><\/p>\n<p>WHEATON, Ill.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nFirst Trust Senior Floating Rate 2022 Target Term Fund (NYSE: FIV) (the \u201cFund\u201d) announced today that the Fund\u2019s Board of Trustees (the \u201cBoard\u201d) has approved the liquidation and termination of the Fund on December 15, 2021 (the \u201cTermination Date\u201d). The governing documents of the Fund provide that the Fund will terminate on or prior to February 1, 2022. In accordance with its early termination, the Fund\u2019s common shares of beneficial interest (the \u201cCommon Shares\u201d) are expected to cease trading on the New York Stock Exchange on or about December 9, 2021 and will be suspended from trading before the open of trading on or about December 10, 2021. The Fund anticipates making its final liquidating distribution on or about the Termination Date to holders of the Fund\u2019s Common Shares of record on December 13, 2021. Shareholder approval is not required for the Fund\u2019s early termination.\n<\/p>\n<p>\nThe Fund has investment objectives to seek a high level of current income and to return $9.85 per Common Share to holders of the Common Shares at termination. The Fund has entered its wind-up period in anticipation of its termination and, accordingly, may deviate from its investment objectives and policies. As the Fund approaches the Termination Date, Fund managers will continue to reduce and eliminate its leverage and to transition the Fund\u2019s portfolio from non\u2011investment grade senior loans to high quality, short-term instruments or cash and cash equivalents. In light of the foregoing and current market conditions, the Fund anticipates the income earned by its portfolio investments will be reduced and, as such, the Fund and First Trust Advisors L.P., the investment advisor of the Fund (\u201cFTA\u201d), have entered into, and the Board has approved, an agreement whereby FTA has agreed to waive the management fee payable by the Fund for the period beginning September 1, 2021 through the Termination Date.\n<\/p>\n<p>\nAs previously announced, due in part to the impact of the COVID-19 pandemic on market conditions and the U.S. economy beginning in March 2020, it is unlikely that the Fund will achieve its objective of returning $9.85 per Common Share to holders of the Common Shares upon termination. The Fund\u2019s net asset value as of September 13, 2021 was $9.71. The Fund\u2019s daily closing price and net asset value per Common Share as well as other information can be found at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ftportfolios.com&amp;esheet=52491780&amp;newsitemid=20210914006091&amp;lan=en-US&amp;anchor=www.ftportfolios.com&amp;index=1&amp;md5=0b19bc45e0042e779ffa76c7ce3d0a8d\">www.ftportfolios.com<\/a> or by calling (800) 988-5891.\n<\/p>\n<p>\nShareholders may recognize gain or loss for U.S. tax purposes as a result of the Fund\u2019s liquidation. Investors should consult a professional tax advisor regarding their specific tax situation.\n<\/p>\n<p>\nFTA is a federally registered investment advisor and serves as the Fund\u2019s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (\u201cFTP\u201d), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $213 billion as of August 31, 2021 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ftportfolios.com&amp;esheet=52491780&amp;newsitemid=20210914006091&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.ftportfolios.com&amp;index=2&amp;md5=62708ab7627f1726d69d3549e16ab56d\">https:\/\/www.ftportfolios.com<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210914006091r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210914006091\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210914006091\/en\/<\/a><\/span><\/p>\n<p>\nAnalyst Inquiries Jeff Margolin 630-915-6784<br \/>\n<br \/>Broker Inquiries Sales Team 866-848-9727\n<\/p>\n<p><b>KEYWORDS:<\/b> United States North America Illinois<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210914006091\/en\/394859\/3\/FT_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee WHEATON, Ill.&#8211;(BUSINESS WIRE)&#8211; First Trust Senior Floating Rate 2022 Target Term Fund (NYSE: FIV) (the \u201cFund\u201d) announced today that the Fund\u2019s Board of Trustees (the \u201cBoard\u201d) has approved the liquidation and termination of the Fund on December 15, 2021 (the \u201cTermination Date\u201d). The governing documents of the Fund provide that the Fund will terminate on or prior to February 1, 2022. In accordance with its early termination, the Fund\u2019s common shares of beneficial interest (the \u201cCommon Shares\u201d) are expected to cease trading on the New York Stock Exchange on or about December 9, 2021 and will be suspended from &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee&#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-538225","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee - 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\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee WHEATON, Ill.&#8211;(BUSINESS WIRE)&#8211; First Trust Senior Floating Rate 2022 Target Term Fund (NYSE: FIV) (the \u201cFund\u201d) announced today that the Fund\u2019s Board of Trustees (the \u201cBoard\u201d) has approved the liquidation and termination of the Fund on December 15, 2021 (the \u201cTermination Date\u201d). The governing documents of the Fund provide that the Fund will terminate on or prior to February 1, 2022. In accordance with its early termination, the Fund\u2019s common shares of beneficial interest (the \u201cCommon Shares\u201d) are expected to cease trading on the New York Stock Exchange on or about December 9, 2021 and will be suspended from &hellip; Continue reading &quot;First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-14T20:33:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210914006091r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\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=\"3 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\\\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee\",\"datePublished\":\"2021-09-14T20:33:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\\\/\"},\"wordCount\":613,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210914006091r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\\\/\",\"name\":\"First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee - 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The governing documents of the Fund provide that the Fund will terminate on or prior to February 1, 2022. In accordance with its early termination, the Fund\u2019s common shares of beneficial interest (the \u201cCommon Shares\u201d) are expected to cease trading on the New York Stock Exchange on or about December 9, 2021 and will be suspended from &hellip; Continue reading \"First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/","og_site_name":"Market Newsdesk","article_published_time":"2021-09-14T20:33:11+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210914006091r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee","datePublished":"2021-09-14T20:33:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/"},"wordCount":613,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210914006091r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/first-trust-senior-floating-rate-2022-target-term-fund-announces-board-approval-of-early-liquidation-and-waiver-of-the-management-fee\/","name":"First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Waiver of the Management Fee - 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