Voya Prime Rate Trust to repay credit facility

By Rebecca Melvin

New York, Jan. 19 – Voya Prime Rate Trust said it will use proceeds of senior loans to repay the outstanding balance of its line of credit, according to a company release.

The repayment will address concerns related to the terms of the line of credit and the fund’s ability to obtain a long-term extension, the release said.

Settlement for the sale of senior loans is expected to take place in the normal course of business. The fund does not intend to terminate the line of credit upon repayment.

The fund’s adviser Voya Investments LLC and board of trustees will continue to evaluate the distribution level of the fund in coming months, according to the release.

The investment management company is based in Scottsdale, Ariz.

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