BOSTON, June 24, 2021 /PRNewswire/ -- Eaton Vance Senior
Income Trust (NYSE: EVF) (the "Fund") held a special meeting of
shareholders earlier today (the "Special Meeting"). At the
Special Meeting, Fund shareholders approved a new investment
advisory agreement with Eaton Vance Management, the Fund's
investment adviser (the "New Agreement"). The vote
tabulation, as certified by the Fund's proxy tabulator, AST Fund
Solutions LLC, will be published in the Fund's next report to
shareholders.
Tender Offers. As previously announced on
May 12, 2021, the Fund's board of
trustees 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 conditional on Fund
shareholders' approving the New Agreement, which condition has now
been met. The terms and conditions of the Initial Tender
Offer will be set forth in the associated Fund offering materials
and additional press releases. If the number of shares tendered in
the Initial Tender Offer exceeds 60% of the Fund's outstanding
common shares, the Fund will purchase shares from tendering
shareholders on a pro rata basis (disregarding fractional
shares). Accordingly, there is no assurance that the Fund
will purchase all of a shareholder's tendered common shares in the
Initial Tender Offer.
In addition to the Initial Tender Offer, the Fund 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.
Eaton Vance applies in-depth fundamental analysis to the active
management of equity, income, alternative and multi-asset
strategies. Eaton Vance's investment teams follow time-tested
principles of investing that emphasize ongoing risk management, tax
management (where applicable) and the pursuit of consistent
long-term returns. The firm's investment capabilities encompass the
global capital markets. With a history dating back to 1924, Eaton
Vance is headquartered in Boston
and also maintains investment offices in New York, London, Tokyo
and Singapore. For more
information, visit evmanagement.com. Eaton Vance is a part of
Morgan Stanley Investment Management, the asset management division
of Morgan Stanley.
About the Fund
Except pursuant to a tender offer, including the Tender Offers
discussed above, common shares of the Fund are available for
purchase or sale only in secondary market trading at
market-determined prices. 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 the Fund's 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 the 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 Conditional 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 U.S. Securities and Exchange Commission ("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 contain important information about a Tender
Offer.
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.
View original
content:http://www.prnewswire.com/news-releases/eaton-vance-senior-income-trust-announces-results-of-special-meeting-of-shareholders-301319796.html
SOURCE Eaton Vance Management