Pioneer Floating Rate Trust Announces Commencement of Tender Offer
24 November 2020 - 12:30AM
Business Wire
Pioneer Floating Rate Trust (NYSE: PHD) (the “Fund”) announced
today that it has commenced a tender offer. The Fund will purchase
up to 50% of the Fund’s outstanding common shares (the “Shares”) at
a price per Share equal to 98.5% of the net asset value per Share
as of the close of regular trading on the New York Stock Exchange
(“NYSE”) on the business day immediately following the expiration
date of the tender offer. The tender offer will expire on December
22, 2020 at 5:00 p.m. Eastern Standard Time, unless the offer is
extended by the Fund in its sole discretion. The Fund previously
announced its intention to conduct the tender offer in a press
release dated August 31, 2020.
Additional terms and conditions of the tender offer are set
forth in the Fund's tender offer materials, which are being
distributed to holders of Shares. The Fund will repurchase Shares
tendered and accepted in the tender offer in exchange for cash. In
the event more than 50% of the Shares are tendered, and not
withdrawn, the Fund will purchase Shares from tendering
shareholders on a pro rata basis. Accordingly, shareholders cannot
be assured that the Fund will purchase all of a shareholder’s
tendered Shares.
Tender Offer Statement
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of the Fund and the
above statements are not intended to constitute an offer to
participate in any tender offer. The tender offer will be made only
by an offer to purchase, a related letter of transmittal, and other
documents, to be filed with the Securities and Exchange Commission
(the “SEC”) as exhibits to the tender offer statement on Schedule
TO. Shareholders of the Fund should read the offer to purchase and
tender offer statement on Schedule TO and related exhibits, as they
will contain important information about the tender offer. These
and other filed documents will be available to investors free of
charge both on the SEC’s website, http://www.sec.gov, and from the
Fund, by calling AST Fund Solutions, LLC, the Fund's information
agent for the tender offer, at (877) 478-5039 (toll-free).
About Pioneer Floating Rate Trust
The Fund is a closed-end investment company traded on the NYSE
under the symbol PHD. The Fund seeks a high level of current
income. The Fund also seeks capital preservation as a secondary
objective to the extent consistent with its primary objective.
About Amundi Pioneer Asset Management
Amundi Pioneer is the U.S. business of Amundi, Europe’s largest
asset manager by assets under management and ranked among the ten
largest globally[1]. Boston is one of Amundi’s six main global
investment hubs and offers a broad range of fixed-income, equity,
and multi-asset investment solutions in close partnership with
wealth management firms, distribution platforms, and institutional
investors across the Americas, Europe, and Asia-Pacific. Our long
history of proprietary research, robust risk management,
disciplined investment processes, and strong client relationships
has made Amundi Pioneer an investment advisor of choice among
leading institutional and individual investors worldwide. Amundi
Pioneer had approximately $89 billion in assets under management as
of September 30, 2020.
[1] Source IPE “Top 500 asset managers” published in June 2020
and based on AUM as of end December 2019.
Cautionary Statement Regarding Forward-Looking
Statements
This press release may contain statements regarding plans and
expectations for the future that constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 (the “PSLRA”), and such statements are intended
to qualify for the safe harbors from liability established by the
PSLRA. All statements other than statements of historical fact are
forward-looking and can sometimes be identified as such by the
context of the statements, including words such as “believe,”
“could,” “expect,” “anticipate,” “plan,” “may,” “will,” “would,”
“should,” “intend,” “possible,” “continue” “project,” “estimate,”
“guidance” and other similar terms and phrases, whether in the
negative or affirmative, although not all forward-looking
statements include these words. Similarly, statements that describe
the objectives, plans, or goals of the Fund or its investment
adviser are forward-looking. Such forward-looking statements are
based upon the Fund’s current plans, estimates and expectations and
are not a representation that such plans, estimates, or
expectations will be achieved. Because such statements include
risks, uncertainties and contingencies, actual events may differ
materially from the expectations, intentions, beliefs, plans or
predictions of the future expressed or implied by such
forward-looking statements. Additionally, past performance is no
guarantee of future results. Additional information concerning such
risks and uncertainties are or will be contained in the Fund’s
filings with the U.S. Securities and Exchange Commission (the
“SEC”), including the Fund’s Annual Report to Shareholders on Form
N-CSR for the fiscal year ended November 30, 2019, and its
subsequent filings with the SEC which are available at
http://www.sec.gov. These factors should be considered carefully
and readers are cautioned not to place undue reliance on such
forward-looking statements. Except as required by applicable law,
the Fund undertakes no obligation to update publicly these
statements for any reason, whether to reflect new information or
the occurrence of unanticipated events or otherwise, following the
date of this press release.
Visit amundipioneer.com/us for more information.
Follow us on www.linkedin.com/company/amundi-pioneer and
https://twitter.com/amundipioneer.
Amundi Pioneer Distributor, Inc., Member SIPC ©2020 Amundi
Pioneer Asset Management
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Contact: 800-622-9876 Media Inquiries Please Contact: Geoff Smith,
617-422-4758
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