BOSTON, May 12, 2021 /PRNewswire/ -- The Board of
Eaton Vance Senior Income Trust (NYSE: EVF) (the "Fund") has
authorized a conditional cash tender offer for up to 60% of the
Fund's outstanding common shares at a price per share equal to 99%
of the Fund's net asset value per share ("NAV") as of the close of
regular trading on the New York Stock Exchange ("NYSE") on the date
the tender offer expires (the "Initial Tender Offer"). The
Initial Tender Offer is conditioned on Fund shareholders' approving
the Fund's new investment advisory agreement with Eaton Vance
Management ("EVM"), the Fund's investment adviser (the "New
Agreement"). If the New Agreement is approved, the Fund would
commence the Initial Tender Offer within 30 days following
shareholder approval of the New Agreement, and the Fund would
purchase common shares tendered and accepted in the Initial Tender
Offer within 15 business days after the Initial Tender Offer
expires. If the New Agreement is approved by shareholders,
additional terms and conditions of the Initial Tender Offer would
be set forth in the associated Fund offering materials and
additional press releases, as applicable.
In addition to the Initial Tender Offer, the Fund is announcing
today that it will conduct cash tender offers by the end of the
fourth quarter of each of 2022, 2023 and 2024 (each, a "Conditional
Tender Offer" and, collectively with the Initial Tender Offer, the
"Tender Offers") for up to 10% of the Fund's then-outstanding
common shares if, from January to August of the relevant year, the
Fund's shares trade at an average discount to NAV of more than 10%
(based upon the Fund's volume-weighted average market price and NAV
on business days during the period). If triggered, common
shares tendered and accepted in a Conditional Tender Offer would be
repurchased at a price per share equal to 98% of the Fund's NAV as
of the close of regular trading on the NYSE on the date such
Conditional Tender Offer expires. If a Conditional Tender
Offer is triggered, the Fund will issue a press release providing
notification and additional information about such Conditional
Tender Offer.
The Fund also announced today that its Board has set a
record date of May 14, 2021 (the
"Record Date") for determining those shareholders entitled to
notice of, and the right to vote at, a special meeting of
shareholders to be held on June 24,
2021 and any adjournment or postponement thereof (the
"Special Meeting"). At the Special Meeting, shareholders will
be asked to approve the New Agreement.
Eaton Vance Corp. was acquired by Morgan Stanley on March 1, 2021. Its Eaton Vance Management,
Parametric, Atlanta Capital and Calvert investment affiliates are
now part of Morgan Stanley Investment Management, the asset
management division of Morgan Stanley.
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
often trade at a discount from their NAV. The market price of Fund
shares may vary from NAV 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 the 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 therein. An investment in the Fund may not be appropriate
for all investors. Before investing, prospective investors should
consider carefully a Fund's investment objective, strategies,
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 Offers described in this
release. Each Tender Offer will be made only if the condition
described above is satisfied, and only by an offer to purchase, a
related letter of transmittal and other documents filed with the
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. For each Tender Offer, 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 would contain important information
about the Tender Offer.
In connection with the Special Meeting, the Fund intends to
file a definitive proxy statement with the SEC. Shareholders are
advised to read the Fund's Special Meeting proxy statement when it
is available because it will contain important information. When
filed with the SEC, the proxy statement and other documents filed
by the Fund will be available free of charge on the SEC website,
www.sec.gov. Copies of the Special Meeting proxy statement will
also be mailed to each Fund shareholder of record as of the Record
Date.
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 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 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