Eaton Vance Floating-Rate 2022 Target Term Trust (NYSE: EFL) Raises $210 Million in Initial Public Offering

BOSTON, July 27, 2017 /PRNewswire/ -- Eaton Vance Management ("Eaton Vance"), a subsidiary of Eaton Vance Corp., announced today the initial public offering of common shares of Eaton Vance Floating-Rate 2022 Target Term Trust (the "Trust"), a new target term trust investing primarily in senior floating-rate loans.  The Trust is issuing 21 million shares at an initial price of $10.00 per share, resulting in gross proceeds of $210 million.  Up to approximately 3.15 million additional shares may be issued upon exercise of the underwriters' overallotment option, which may not occur.  The Trust begins trading today on the New York Stock Exchange under the ticker symbol "EFL".  Eaton Vance is the Trust's investment adviser.

The Trust's investment objectives are high current income and to return $9.85 per common share less offering costs (the "Original NAV") to holders of common shares on or about October 31, 2022 (the "Termination Date").  The Trust seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its managed assets in senior floating-rate loans. 

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

Eaton Vance (NYSE:EV) is a leading global asset manager whose history dates to 1924. With offices in North America, Europe, Asia and Australia, Eaton Vance and its affiliates managed $395.3 billion in assets as of June 30, 2017, offering institutions and individuals a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information, visit eatonvance.com.

The Trust is a newly organized, diversified target term trust with no operating history, treated as a closed-end management investment company for regulatory purposes. Trust shares are subject to investment risks, including possible loss of principal invested.  An investment in the Trust may not be appropriate for all investors.  There is no assurance that the Trust will achieve its investment objectives.  The objective to return the Trust's Original NAV is not an express or implied guarantee obligation of the Trust or any other entity. The market price of Trust shares will be affected by factors influencing the supply and demand for Trust shares, which may include changes in Trust distributions, changing perceptions about the Trust and general market conditions.  The information contained herein is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy Trust shares. Following the initial offering, shares of the Trust are only available for purchase and sale at current market prices in secondary market trading. The Trust is not a complete investment program and you may lose money investing in the Trust.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States 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 Trust's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

View original content:http://www.prnewswire.com/news-releases/eaton-vance-floating-rate-2022-target-term-trust-nyse-efl-raises-210-million-in-initial-public-offering-300495273.html

SOURCE Eaton Vance Corp.