Eaton Vance funds buy back auction preferreds, issue new preferreds

By Angela McDaniels

Tacoma, Wash., Dec. 11 – Eight Eaton Vance municipal income closed-end funds announced the final results of the tender offers for their auction preferred shares and issued new variable-rate preferreds.

According to a press release, the following amounts were accepted for payment:

• 992, or 96%, of the outstanding series A auction preferred shares of Eaton Vance California Municipal Bond Fund II;

• 518, or 95%, of the outstanding series A auction preferred shares of Eaton Vance Massachusetts Municipal Bond Fund;

• 421, or 79%, of the outstanding series A auction preferred shares of Eaton Vance Michigan Municipal Bond Fund;

• 832, or 93%, of the outstanding series A auction preferred shares of Eaton Vance Municipal Bond Fund II;

• 766, or 86%, of the outstanding series B auction preferred shares of Eaton Vance Municipal Bond Fund II;

• 695, or 89%, of the outstanding series A auction preferred shares of Eaton Vance New Jersey Municipal Bond Fund;

• 460, or 87%, of the outstanding series A auction preferred shares of Eaton Vance New York Municipal Bond Fund II);

• 590, or 87%, of the outstanding series A auction preferred shares of Eaton Vance Ohio Municipal Bond Fund; and

• 818, or 94%, of the outstanding series A auction preferred shares of Eaton Vance Pennsylvania Municipal Bond Fund (Symbol: EIP).

The offers ended at 5 p.m. ET on Dec. 2, and payment was expected to take place on Dec. 11. The final results are the same as the preliminary results announced on Dec. 3.

Each fund offered to purchase the auction preferreds at a price equal to 95.5% of the liquidation preference of $25,000 per share, or $23,875 per share, plus any accrued dividends.

On Friday, each fund announced that it completed the private placement of new variable-rate preferred shares with a liquidation preference of $25,000 each.

For each fund, the number of new preferreds issued equals the auction preferred shares accepted in its tender offer.

AST Fund Solutions LLC (866 207-2356) was the information agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.