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.
SOURCE Eaton Vance Management