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Published on 3/12/2018 in the Prospect News Liability Management Daily and Prospect News Preferred Stock Daily.

Eaton Vance municipal closed-end funds to redeem auction preferreds

By Sarah Lizee

Olympia, Wash., March 12 – Several Eaton Vance municipal closed-end funds announced the mandatory redemption of their outstanding auction preferred shares, according to a press release.

The preferred shares will be redeemed on or after March 26.

All redemptions will occur at a liquidation preference of $25,000 per share, plus the amount of accumulated dividends as of the redemption date.

Each fund currently expects to replace its redeemed auction preferred shares with tender option bond financing.

Eaton Vance California Municipal Bond Fund II will redeem 36 series A preferred shares for a total liquidation amount of $625,000.

Eaton Vance Massachusetts Municipal Bond Fund will redeem 25 series A preferred shares for a total liquidation amount of $2.8 million.

Eaton Vance Michigan Municipal Bond Fund will redeem 112 series A preferred shares for a total liquidation amount of $1.55 million.

Eaton Vance Municipal Bond Fund II will redeem 62 series A preferred shares for a total liquidation amount of $900,000 and 128 series B preferred shares for a total liquidation amount of $3.2 million.

Eaton Vance New Jersey Municipal Bond Fund will redeem 89 series A preferred shares for a total liquidation amount of $2,225,000.

Eaton Vance New York Municipal Bond Fund II will redeem 70 series A preferred shares for a total liquidation amount of $1.75 million.

Eaton Vance Ohio Municipal Bond Fund will redeem 90 series A preferred shares for a total liquidation amount of $2.25 million.

Eaton Vance Pennsylvania Municipal Bond Fund will redeem 51 series A preferred shares for a total liquidation amount of $1,275,000.

Eaton Vance California Municipal Income Trust will redeem 120 series A preferred shares for a total liquidation amount of $3 million.

Eaton Vance Massachusetts Municipal Income Trust will redeem 130 series A preferred shares for a total liquidation amount of $3.25 million.

Eaton Vance Michigan Municipal Income Trust will redeem 26 series A preferred shares for a total liquidation amount of $650,000.

Eaton Vance Municipal Income Trust will redeem 349 series A preferred shares for a total liquidation amount of $8,725,000, 185 series B preferred shares for a total liquidation amount of 4,625,000 and 57 series C preferred shares for a total liquidation amount of $1,425,000.

Eaton Vance New Jersey Municipal Income Trust will redeem 177 series A preferred shares for a total liquidation amount of $4,425,000.

Eaton Vance New York Municipal Income Trust will redeem 165 series A preferred shares for a total liquidation amount of $4,125,000.

Eaton Vance Ohio Municipal Income Trust will redeem 173 series A preferred shares for a total liquidation amount of $4,325,000.

Eaton Vance Pennsylvania Municipal Income Trust will redeem 168 series A preferred shares for a total liquidation amount of $4.2 million.

The funds are managed by Eaton Vance Management, a subsidiary of Boston-based investment management firm Eaton Vance Corp.


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