Eaton Vance Floating-Rate 2022 Target Term Trust Announces Liquidation Details
August 22 2022 - 4:05PM
Business Wire
The Eaton Vance Floating-Rate 2022 Target Term Trust (NYSE: EFL)
(“the Trust”) announced today new details concerning its
liquidation. Consistent with its investment objectives and
organizational documents, the Trust plans to terminate its
existence and liquidate on or about October 31, 2022 (“Termination
Date”).
As previously announced, the Trust is preparing for its
termination on Termination Date. During this period, the Trust will
deviate from its investment objectives and policies. As such, the
Trust has repaid its outstanding borrowings and terminated its
credit agreement. As of July 21, 2022, the investment adviser and
administration fee paid by the Trust was reduced to 0.35% of the
Trust’s average daily total managed assets. As of July 21, 2022,
the assets of the Trust were comprised primarily of cash, cash
equivalents and receivables for securities that had been sold but
unsettled.
The Trust’s investment objectives are high current income and to
return the Trust’s original per-share $9.85 net asset value
(“Original NAV”) to common shareholders upon termination. The
Trust’s objective is not a guarantee, and there can be no assurance
it will be attained. Due to challenging market conditions over the
life of the Trust, the Trust will not meet its objective of
returning Original NAV to common shareholders at termination. As of
August 19, 2022, the Trust’s net asset value per share was
$8.64.
This press release is for informational purposes only and is not
intended to, and does not, constitute an offer to purchase or sell
shares of a fund. Additional information about the funds, including
performance and portfolio characteristic information, is available
at eatonvance.com.
Statements in this press release that are not historical facts
may be forward-looking statements, as defined by the U.S.
securities laws. You should exercise caution in interpreting and
relying on forward-looking statements because they are subject to
uncertainties and other factors that may be beyond a fund’s control
and could cause actual results to differ materially from those set
forth in the forward-looking statements.
Eaton Vance applies in-depth fundamental analysis to the active
management of equity, income, alternative and multi-asset
strategies. Eaton Vance’s investment teams follow time-tested
principles of investing that emphasize ongoing risk management, tax
management (where applicable) and the pursuit of consistent long
term returns. The firm’s investment capabilities encompass the
global capital markets. With a history dating back to 1924, Eaton
Vance is headquartered in Boston and also maintains investment
offices in New York, London, Tokyo and Singapore. For more
information, visit evmanagement.com. Eaton Vance is a part of
Morgan Stanley Investment Management, the asset management division
of Morgan Stanley.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220822005634/en/
Investor Contact: (800) 262-1122
Eaton Vance Floating Rat... (NYSE:EFL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eaton Vance Floating Rat... (NYSE:EFL)
Historical Stock Chart
From Jul 2023 to Jul 2024