PPR - $.0265 January Dividend
February 01 2016 - 3:34PM
Business Wire
Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end
management investment company listed on the New York Stock
Exchange, declared 2.65 cents per share monthly dividend on January
29, 2016 for the 31 days of January, payable on February 23, 2016
to shareholders of record on February 10, 2016. This represents the
333rd consecutive monthly dividend since the Trust’s inception in
May 1988.
The following are annualized distribution rate calculations
based on the declared dividend for the month, Net Asset Value
(“NAV”) at month-end and the month-end NYSE composite closing price
(“Market”).
Annualized Period-end
Distribution Rates DIVIDEND NAV MARKET
January 29, 2016 $ .0265 5.76% 6.51% December 31, 2015 $ .0265
5.69% 6.17% November 30, 2015 $ .0260 5.65% 6.22%
October 31, 2015
$ .0275
5.70%
6.40%
September 30, 2015
$ .0280
5.93%
6.73%
August 31, 2015 $ .0280 5.66% 6.33% July 31, 2015 $ .0280 5.59%
6.12% June 30, 2015 $ .0280 5.78% 6.49% May 31, 2015 $ .0290 5.74%
6.27% April 30, 2015 $ .0275 5.60% 5.94% March 31, 2015 $ .0290
5.74% 6.16% February 28, 2015 $ .0270 5.94% 6.41%
Voya Prime Rate Trust was the first Fund to invest in a
portfolio of floating rate senior bank loans. The Trust seeks to
provide as high a level of current income as is consistent with the
preservation of capital.
The Trust is managed by Voya Investments, LLC and sub-advised by
Voya Investment Management Co. LLC, and its shares are distributed
by Voya Investments Distributor, LLC. The adviser, the sub-adviser
and the distributor are indirect, wholly-owned subsidiaries of Voya
Financial, Inc. (NYSE: VOYA). The Trust’s operations are based in
Scottsdale, Arizona.
Distribution Rates are calculated by annualizing
dividends declared during the period (i.e., divide the monthly
dividend amount by the number of days in the related month and
multiply by the number of days in the fiscal year) and then
dividing the resulting annualized dividend by the month-ending NAV
(in the case of NAV) or the month-end closing price on the NYSE
composite (in the case of Market). The distribution rate is based
solely on actual dividends and distributions, which are made at the
discretion of management. The distribution rate may or may not
include all investment income, and ordinarily will not include
capital gains.
Past performance is no assurance of future results.
Investment return and principal value of an investment in the Trust
will fluctuate. Shares, when sold, may be worth more or less than
their original cost.
Principal Risk Factor(s): The Trust invests primarily in
below investment grade, floating rate senior loans that
carry a higher than normal risk that borrowers may default in the
timely payment of principal and interest on their loans, which
would likely cause the value of the Trust’s Common Shares to
decrease. Changes in short-term market interest rates will
directly affect the yield on the Trust’s Common Shares. If such
rates fall, the Trust’s yield will also fall. If interest rate
spreads on Trust’s loans decline in general, the yield on the
Trust’s loans will fall and the value of the Trust’s loans may
decrease. When short-term market interest rates rise, because of
the lag between changes in such short term rates and the resetting
of the floating rates on loans in the Trust’s portfolio, the impact
of rising rates will be delayed to the extent of such lag. Because
of the limited secondary market for floating rate senior
bank loans, the Trust’s ability to sell its loans in a timely
fashion and/or at a favorable price may be limited. An increase in
the demand for loans may adversely affect the rate of interest
payable on new loans acquired by the Trust, and it may also
increase the price of loans purchased by the Trust in the secondary
market. A decrease in the demand for loans may adversely affect the
price of loans in the Trust’s portfolio, which would cause the
Trust’s NAV to decrease. The Trust’s use of leverage through
borrowings or issuance of preferred shares can adversely affect the
yield on the Trust’s Common Shares. The Trust may invest up to 20%
of its assets in loans to borrowers in countries outside of the
U.S. and Canada. Investment in foreign borrowers involves
special risks, including potentially less rigorous accounting
requirements, differing legal systems and potential political,
social and economic adversity. The Trust may invest up to 15% of
its assets in loans that are denominated in certain foreign
currencies, however, the Trust will engage in currency exchange
transactions to seek to hedge, as closely as practicable, 100%
of the economic impact to the Trust arising from foreign currency
fluctuations. Other risks include but are not limited to:
Borrowings; Preferred Shares; Diversification Risks; and
Concentration Risks. Investors should consult the Trust’s
prospectus and Statement of Additional Information for a more
detailed discussion of the Trust’s risks.
For more complete information, or to obtain a prospectus on Voya
Prime Rate Trust, please contact your investment professional or
Voya Investments Distributor, LLC at (800) 992-0180 or
www.investments.voya.com. The prospectus should be read carefully
before investing. Consider the investment objectives, risks, and
charges and expenses carefully before investing. The prospectus
contains this information and other information about the fund.
If you would like to receive this press release via email,
please contact Bonnie Dacier at Bonnie.Dacier@voya.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160201006242/en/
Voya Prime Rate TrustDan Norman, 480-477-2112
Voya Prime Rate (NYSE:PPR)
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