Eaton Vance Corp. (EV: Quote) announced the initial public offering of common shares of Eaton Vance Municipal Income Term Trust, a new closed-end fund. The Trust is issuing 10.25 million shares at an initial price of $20.00 per share, resulting in gross proceeds of $205 million. The Trust started trading on the New York Stock Exchange under the ticker symbol, EXT.
The company said, up to approximately 1.5 million additional shares may be issued upon exercise of the underwriters' overallotment option, which may not occur.
The Trust has a term of fifteen years and currently intends to cease its investment operations on or about June 30, 2028 and thereafter liquidate and distribute its net assets to holders of the Trust's common shares.
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by RTT Staff Writer
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