Eaton Vance loan funds launch tender offers for auction preferreds

By Marisa Wong

Morgantown, W.Va., Aug. 25 – Eaton Vance Senior Floating-Rate Trust and Eaton Vance Senior Income Trust announced that they have begun tender offers to purchase up to 27% and 44%, respectively, of their outstanding auction preferred shares.

The trusts are offering to purchase the auction preferreds at a price per share equal to 95% of the liquidation preference of $25,000 per share, or $23,750 per share, plus any unpaid dividends accrued through the tender date.

Each fund’s tender offer is scheduled to expire at 5 p.m. ET on Sept. 23.

Each offer is conditioned on the applicable fund increasing the amount of its existing credit facility for sufficient funds to finance the purchase of the auction preferreds.

AST Fund Solutions LLC (866 207-2356) is the information agent for the tender offers.

Both closed-end funds invest in bank loans and are managed by Boston-based asset management firm Eaton Vance Corp.

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