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Eaton Vance muni funds launch tender offers for auction preferreds
By Marisa Wong
Morgantown, W.Va., Dec. 21 – Each of eight Eaton Vance municipal income closed-end funds has begun a tender offer to purchase up to 100% of its outstanding auction preferred shares, according to a press release.
Each fund, except for the Eaton Vance Municipal Income Trust, is offering to purchase the auction preferreds at a price per share equal to 95.5% of the liquidation preference of $25,000 per share, or $23,875 per share, plus any accrued dividends. The Eaton Vance Municipal Income Trust is offering to purchase the auction preferreds at 94.5% of the liquidation preference, or $23,625 per share.
The following funds are tendering for their auction preferreds: Eaton Vance California Municipal Income Trust (Symbol: CEV), Eaton Vance Massachusetts Municipal Income Trust (Symbol: MMV), Eaton Vance Michigan Municipal Income Trust (Symbol: EMI), Eaton Vance Municipal Income Trust (Symbol: EVN), Eaton Vance New Jersey Municipal Income Trust (Symbol: EVJ), Eaton Vance New York Municipal Income Trust (Symbol: EVY), Eaton Vance Ohio Municipal Income Trust (Symbol: EVO) and Eaton Vance Pennsylvania Municipal Income Trust (Symbol: EVP).
Each fund’s tender offer is scheduled to expire at 5 p.m. ET on Feb. 3.
If a fund’s tender offer is extended beyond Feb. 3, a press release will be issued giving notice of the extension.
Each tender offer is conditioned on the fund’s issuance of new preferred shares with an aggregate liquidation preference at least equal to the aggregate liquidation preference of the tendered preferreds and some other conditions.
AST Fund Solutions LLC (866 207-2356) is the information agent.
The funds are managed by Eaton Vance Management, a subsidiary of Boston-based investment management firm Eaton Vance Corp.
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