logo
Share SHARE
FONT-SIZE Plus   Neg

Eaton Vance Announces IPO Of New Closed-end Fund - Quick Facts

Eaton Vance Corp. (EV) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
HSBC is reportedly laying off about 100 of its senior investment bankers worldwide, as the banking giant strives to curb operating costs. According to reports, the London-headquartered bank will eliminate managing director and director level employees at the Global Banking and Markets division, as... Samsung Electronics Co., Ltd. (SMSN.L, SSNNF.OB, SSNLF.OB) will reportedly blame faulty batteries for last year's Galaxy Note 7 fiasco. According to a Wall Street Journal report, Samsung's investigation of Galaxy Note 7 smartphones found that some batteries were irregularly sized while others had... Federal investigators have closed their probe of a fatal crash that involved a Tesla Motors Inc. car eight months ago. The regulators said they have found no safety defects in the vehicle's automated driving system and that Tesla's Autopilot-enabled vehicles did not need to be recalled.
comments powered by Disqus
Follow RTT