Saba Capital Reaches Agreements With Three Eaton Vance Closed-End Funds
13 5월 2021 - 5:30AM
Business Wire
Eaton Vance Senior Income Trust, Eaton Vance
Floating-Rate Income Trust, and Eaton Vance Senior Floating-Rate
Trust to Commence Tender Offers
Saba Capital Management, L.P. and certain associated parties
(collectively “Saba”) today announced that it has reached an
agreement with Eaton Vance Management with respect to each of Eaton
Vance Senior Income Trust (NYSE: EVF), Eaton Vance Floating-Rate
Income Trust (NYSE: EFT), and Eaton Vance Senior Floating-Rate
Trust (NYSE: EFR) (the “Funds”).
Under the terms of the agreements, Eaton Vance Senior Income
Trust, Eaton Vance Floating-Rate Income Trust, and Eaton Vance
Senior Floating-Rate Trust will commence cash tender offers for up
to 60%, 50%, and 50%, respectively, of the Funds’ outstanding
shares of common stock at a price per share equal to 99% of the
Funds’ respective net asset values (“NAV”) per share. The Funds
will repurchase shares tendered and accepted in the tender offers
in exchange for cash.
The Funds also agreed to three conditional year-end tender
offers for up to 10% of their then outstanding common shares at 98%
of NAV, in the event the average discount to the respective fund’s
NAV from January 1 through August 31 of each of 2022, 2023, and
2024 exceeds 10% based on the respective fund’s volume-weighted
average market price and NAV on the business days during such
period. In addition, Saba has agreed to certain standstill
covenants.
“We are pleased to have reached these agreements that benefit
all shareholders,” said Pierre Weinstein, Partner and Portfolio
Manager of Saba. “By providing all shareholders of the Funds with
the opportunity to tender their shares at a price near the Funds’
NAVs, tendering shareholders will receive immediate liquidity at an
attractive price, and non-tendering shareholders will benefit from
a narrowing in the Funds’ discounts to NAV as well as the accretive
nature of the tender being conducted at 99% of NAV.”
About Saba Capital
Saba Capital Management, L.P. is a registered investment adviser
founded in 2009. Saba is a spin-out of a proprietary investing
group founded by Boaz Weinstein at Deutsche Bank in 1998. Saba
manages $3.3 billion across four core strategies: Credit Relative
Value, Tail Hedge, SPACs and Closed-End Funds. Saba’s investors are
predominantly institutions and include public and corporate pension
plans, endowments and foundations, family offices, banks and
insurers, bank private wealth platforms, fund of funds and certain
high net worth individuals.
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version on businesswire.com: https://www.businesswire.com/news/home/20210512005965/en/
Investors Leah Jordan Investor Relations
Leah.Jordan@sabacapital.com
Media Gasthalter & Co. Jonathan Gasthalter/Amanda Klein
212-257-4170
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