FT 3462 offers Senior Loan and Limited Duration Closed-End units

By Tali David

Minneapolis, March 5 - FT 3462 is offering units of its Senior Loan and Limited Duration Closed-End Portfolio, Series 10, according to an S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Wheaton, Ill.-based First Trust Portfolios LP.

The trust seeks high current income by investing in a diversified portfolio of common stocks of closed-end investment companies that invest in senior corporate loans and limited-duration fixed-income securities.

On March 5, the initial date of deposit, $175,005 of contracts to purchase securities comprised the trust. The 17,677 units have an initial offering price of $10 and a net asset value of $9.574 each. The estimated net annual distribution per unit is $0.6675 for the first year and $0.6605 for subsequent years.

The units will each carry a maximum sales charge of 3.95%, consisting of an initial sales charge of 1%, a deferred sales charge of 2.45% and a creation and development fee of 0.5%. The fee may be reduced on a sliding scale to 2.45% depending on the amount of investment.

The trust has a mandatory termination date of April 16, 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.