Evergreen Announces New Closed-End Fund IPO
30 March 2007 - 12:27AM
PR Newswire (US)
Evergreen Global Dividend Opportunity Fund is the Firm's Fifth
Closed-End Fund BOSTON, March 29 /PRNewswire-FirstCall/ --
Evergreen Investments announced the initial public offering of
common shares of Evergreen Global Dividend Opportunity Fund
(NYSE:EOD), a diversified portfolio of common stocks of U.S. and
non-U.S. companies and other equity securities that the Fund's
sub-advisor believes should, in the aggregate, offer above average
potential for current and/or future dividends. The Fund's IPO
raised $870 million in gross proceeds, representing 43.5 million
common shares of beneficial interest at the initial offering price
of $20 per share, with the potential to be increased by
approximately 14 percent to more than $995 million, assuming full
exercise of the underwriters' over-allotment option, which may not
occur. The Fund's shares began trading on March 28, 2007, on the
New York Stock Exchange, Inc. under the symbol "EOD." The co-lead
managers of the underwriting syndicate were Wachovia Capital
Markets, LLC and A.G. Edwards & Sons, Inc. The Fund's advisor
is Evergreen Investment Management Company, LLC. Crow Point
Partners, LLC (Crow Point) serves as the Fund's sub-advisor with
respect to the equity portion of the Fund. Timothy O'Brien will act
as the lead portfolio manager of the Fund's equity investments.
O'Brien, formerly a managing director with Evergreen Investments,
is co-founder and managing director of Crow Point. O'Brien has been
the lead manager for the open-end Evergreen Utility and
Telecommunications Fund (NASDAQ:EVUAX) since April 2002 and the
equity portion of the closed-end Evergreen Utilities and High
Income Fund (AMEX:ERH) since inception in April 2004. You should
carefully consider the Fund's investment objective, risks and
charges and expenses before investing. Read the prospectus, which
contains this and other information about the Fund, carefully
before investing. For a copy of the prospectus, please contact
Evergreen Investments, 200 Berkeley Street, Boston, MA 02116 or
800.343.2898. Closed-end funds do not continuously offer shares for
sale. The shares trade on the secondary market after the initial
public offering. A closed-end fund is not required to buy its
shares back from investors upon request. Like other securities,
share prices will fluctuate with market conditions and at the time
of sale may be worth more or less than the original investment.
Some of the principal risks of investing in the Fund include the
following: no operating history, market discount risk, investment
risk, stock market risk, preferred stock risk, issuer risk, options
risk, derivatives risk, sector investment risk, short sale risk,
interest rate risk, foreign (non-U.S.) investment risk, foreign
currency risk, emerging markets risk, management risk, fund
distributions risk, counterparty risk, high yield debt securities
risk, tax risk, REIT risk, investment style risk, market
capitalization risk, leverage risk, market price of shares risk,
market disruption and geopolitical risk, anti-takeover provisions
risk, inflation/deflation risk, liquidity risk, legal proceedings
risk, and other investment companies risk. Foreign investments may
contain more risk due to the inherent risks associated with
changing political climates, foreign market instability and foreign
currency fluctuations. Risks of international investing are
magnified in emerging or developing markets. There are numerous
risks associated with transactions in options on securities. As the
writer of an index call option, the Fund foregoes the opportunity
to profit from increases in the values of securities held by the
Fund. However, the Fund has retained the risk of loss (net premiums
received) should the price of the Fund's portfolio securities
decline. Similar risks are involved with writing call options on
individual securities held in the Fund's portfolio. This
combination of potentially limited appreciation and full
depreciation over time may lead to erosion in the value of the
Fund. These and other risks are discussed in the Fund's prospectus,
which you should read carefully before investing. Like all
investment company securities, the shares are not insured by the
FDIC or any other government agency, are not issued or guaranteed
by any bank, and may lose value. Statements in this release that
look forward in time involve risks and uncertainties and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such risks and
uncertainties include, but are not limited to, the adverse effect
from a decline in the securities market or a decline in the Fund's
performance. Evergreen Investments is a non-bank subsidiary of
Wachovia Bank, NA, a non-bank subsidiary of Wachovia Corporation
and is an affiliate of Wachovia Corporation's other Broker Dealer
subsidiaries. Evergreen mutual funds are distributed by Evergreen
Investments, 200 Berkeley Street, Boston, MA 02116. Evergreen
Investments(sm) is a service mark of Evergreen Investment
Management Co., LLC, copyright 2007 About Evergreen Investments
Evergreen Investments is the brand name under which Wachovia
Corporation (NYSE:WB) conducts its investment management business.
Wachovia Global Asset Management is the brand name under which
Evergreen Investments conducts sales and distribution business
outside of the United States. Combined, the groups serve more than
four million individual and institutional investors through a broad
range of investment products. Led by more than 300 investment
professionals, Evergreen Investments strives to meet client
investment objectives through disciplined, team-based asset
management. Evergreen Investments manages more than $273 billion in
assets (as of December 31, 2006). For more information on
Evergreen, please visit http://www.evergreeninvestments.com/
DATASOURCE: Evergreen Investments CONTACT: Laura Fay,
+1-617-210-3867, ; or Dan Flaherty, +1-617-210-3887, , both of
Evergreen Investments Web site:
http://www.evergreeninvestments.com/
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