(RTTNews) -  Eaton Vance Corp. (EV: News ) announced that the Eaton Vance Floating-Rate Income Trust (EFT: News ) managed by its affiliate, Eaton Vance Management, will redeem $65 million of its outstanding auction preferred shares at a redemption price of $25 thousand per share plus the amount of accumulated but unpaid dividends.

On a cumulative basis the fund will have redeemed 82% of its auction preferred shares once this redemption is completed. The Fund has arranged to increase the commitment under its existing financing arrangement to fund the redemption. The fund's auction preferred shares are expected to be redeemed at the next applicable dividend payable date.
Eaton Vance manages closed-end funds that had about $5 billion of APS outstanding collectively as of December 31, 2007. Completion of the APS redemptions will reduce the amount of outstanding auction preferred shares for Eaton Vance-sponsored closed-end funds to around $1.08 billion.

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by RTT Staff Writer

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