BOSTON, Oct. 2, 2019 /PRNewswire/ -- Eaton Vance
Municipal Bond Fund (NYSE American: EIM) (the "Fund") announced
today that it will conduct a tender offer for up to 5% of its
outstanding common shares at a price per share equal to 98% of the
Fund's net asset value ("NAV") per share as of the close of regular
trading on the New York Stock Exchange (NYSE) on the date the
tender offer expires. On June 3,
2019, the Fund announced that it would conduct the tender
offer if, during a 120-day period that commenced on June 4, 2019 and ended on October 1, 2019, the Fund's common shares trade
at an average discount to NAV of more than 6% (based upon the
average of the difference between its volume-weighted average
market price and NAV each business day during the period).
This condition was met. The Fund will commence the tender offer on
or about November 14, 2019.
Additional terms and conditions of the tender offer will be set
forth in the Fund's offering materials and additional press
releases, as applicable. If the number of shares tendered in
the tender offer exceeds the maximum amount of the tender offer,
the Fund will purchase shares from tendering shareholders on a pro
rata basis (disregarding fractional shares). Accordingly, there is
no assurance that the Fund will purchase all of a shareholder's
tendered common shares in the tender offer. The Fund may
determine not to accept shares tendered in the tender offer under
various circumstances, as will be set forth in the offering
materials.
About Eaton Vance Corp.
The Fund's investment adviser is Eaton Vance Management, a
subsidiary of Eaton Vance Corp. Eaton Vance Corp. (NYSE: EV)
provides advanced investment strategies and wealth management
solutions to forward-thinking investors around the world. Through
principal investment affiliates Eaton Vance Management, Parametric,
Atlanta Capital, Hexavest and Calvert, the Company offers a
diversity of investment approaches, encompassing bottom-up and
top-down fundamental active management, responsible investing,
systematic investing and customized implementation of
client-specified portfolio exposures. As of July 31, 2019, Eaton Vance had consolidated
assets under management of $482.8
billion. For more information, visit eatonvance.com.
About the Fund
Except pursuant to a tender offer, common shares of the Fund are
available for purchase or sale only through secondary market
trading at their current market price. Shares of closed-end funds
(such as the Fund) often trade at a discount from their net asset
value. The market price of a closed-end fund's shares may vary from
net asset value based on factors affecting the supply and demand
for shares, such as fund distribution rates relative to similar
investments, investors' expectations for future distribution
changes, the clarity of a fund's investment strategy and future
return expectations, and investors' confidence in the underlying
markets in which the fund invests. Fund shares are subject to
investment risk, including possible loss of principal invested.
Shares of the Fund are not FDIC-insured and are not deposits or
other obligations of, or guaranteed by, any bank. The Fund is not a
complete investment program and you may lose money investing in the
Fund. An investment in a Fund may not be appropriate for all
investors. Before investing, prospective investors should consider
carefully the Fund's investment objective, risks, charges and
expenses.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of the Fund. The
Fund has not commenced the tender offer described in this
release. The tender offer will be made only by an offer to
purchase, a related letter of transmittal and other documents filed
with the U.S. Securities and Exchange Commission ("SEC") as
exhibits to a tender offer statement on Schedule TO, with all such
documents available on the SEC's website at www.sec.gov. The
Fund will also make available to shareholders without charge the
offer to purchase and the letter of transmittal. Shareholders
should read these documents carefully, as they will contain
important information about the tender offer.
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 the Fund. Additional information about the Fund,
including performance and portfolio characteristic information, is
available at www.eatonvance.com.
Statements in this press release that are not historical
facts are 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 which are, in some cases, beyond
the Fund's control and could cause actual results to differ
materially from those set forth in the forward-looking
statements.
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SOURCE Eaton Vance Management