Eaton Vance opens floating-rate trust due 2022 via $210 million IPO

By Susanna Moon

Chicago, July 27 – Eaton Vance Corp. subsidiary Eaton Vance Management began an initial public offering for $210 million of common shares to be issued by Eaton Vance Floating-Rate 2022 Target Term Trust.

The trust seeks to achieve its investment objectives by investing at least 80% of its managed assets in senior floating-rate loans, according to a company announcement.

The trust's investment objectives are high current income and to return $9.85 per common share less offering costs to holders of common shares on Oct. 31, 2022, the termination date.

The trust is issuing 21 million shares at an initial price of $10.00 per share, with up to another 3.15 million shares that may be exercised under an overallotment option.

The trust begins trading Thursday on the New York Stock Exchange under the ticker "EFL."

Eaton Vance is the trust's investment adviser.

The underwriting syndicate was led by Wells Fargo Securities, BofA Merrill Lynch, Morgan Stanley and UBS Investment Bank.

Eaton Vance (NYSE: EV) is a global asset manager.

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