Voya Prime Rate Trust announces an Equity Buyback up to 15% of its issued share capital.
November 23, 2020 at 12:00 am EST
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Voya Prime Rate Trust (NYSE:PPR) announces a share repurchase program. Under the program, the company will repurchase up to 21,576,552 shares, representing 15% of its issued share capital. The offer will be funded out of borrowings under the Credit Facility after selling loans and using the proceeds from such sales to reduce outstanding borrowings under the Credit Facility. The purpose of the offer is to provide shareholders with an alternative source of liquidity for their shares and, potentially, to reduce the discount to net asset value at which the shares trade. If shareholders tender more than the offer amount, the Trust will purchase duly tendered shares from participating shareholders on a pro rata basis, The repurchases will commence in early December 2020 and will expire on January 4, 2021, unless extended. As of December 1, 2020, there were 143,843,683 shares issued and outstanding.
Georgeson LLC acted as Information agent, Computershare Trust Company, N.A. acted as depository to the company.
Saba Capital Income & Opportunities Fund (the Fund) is a closed-end, management investment company. The Fundâs investment objective is to seek to provide shareholders with a high level of current income, with a secondary goal of capital appreciation. It seeks to achieve this objective by investing globally in debt and equity securities of public and private companies, which includes, among other things, investing in registered closed-end funds, special purpose acquisition companies (SPAC), public and private debt instruments, as well as derivatives. The Fund may also invest up to 15% of its total assets in private funds on a discretionary basis. The Fund invests in certain investments through its investment in BRW SPV I. The BRW SPV I is a Cayman Islands Exempted Company and is a wholly owned subsidiary of the Fund. Saba Capital Management, L.P serves as the investment adviser to the Fund.
SABA CAPITAL INCOME & OPPORTUNITIES FUND 
