Eaton Vance Senior Income Trust announces an Equity Buyback for 22,719,965 shares, representing 60% of its outstanding shares.
June 29, 2021 at 12:00 am EDT
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Eaton Vance Senior Income Trust announces a share repurchase program. Under the offer, the company will repurchase upto 22,719,965 shares, representing 60% of its outstanding common shares. The offer will be conducted at a price per share equal to 99% of such Fund's net asset value ("NAV") per share as of the close of regular trading on the New York Stock Exchange (NYSE) on the date the Tender Offer expires. The Fund expects to borrow money to finance a portion of the purchase of tendered shares under a credit agreement that it currently has in place with State Street Bank and Trust company. Other sources of funds for the purchase of tendered shares include cash on hand and the liquidation of portfolio instruments. If more shares than the offer amount are properly tendered and not withdrawn prior to the expiration date, the fund will purchase the offer amount on a pro rata basis. The offer will expire on July 30, 2021 or on such later date to which the offer is extended.
Eaton Vance Senior Income Trust (the Trust) is a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income, consistent with the preservation of capital, by investing primarily in senior, secured floating-rate loans. The Trust invests its cash in cash reserves fund. The Trust invests in various sectors, including electronics/electrical, business equipment and services, health care, chemicals and plastics, oil and gas, leisure goods/activities/movies, industrial equipment, building and development, automotive, drugs, cable and satellite television, chemicals and plastics, cosmetics / toiletries, ecological services and equipment, lodging and casinos, home furnishings, telecommunications, and containers and glass products, among others. The Trust's investment adviser and administrator is Eaton Vance Management.