Eaton Vance muni funds wrap tender offers for auction preferreds

By Angela McDaniels

Tacoma, Wash., Feb. 26 – Eight Eaton Vance municipal income closed-end funds announced the results of the tender offers for their outstanding auction preferred shares, according to a press release.

The tender offers ended at 5 p.m. ET on Feb. 23.

Eaton Vance California Municipal Income Trust accepted 1,879, or 94%, of its series A auction preferreds for purchase.

Eaton Vance Massachusetts Municipal Income Trust accepted 672, or 84%, of its series A auction preferreds.

Eaton Vance Michigan Municipal Income Trust accepted 674, or 96%, of its series A auction preferreds.

Eaton Vance Municipal Income Trust accepted 1,651, or 83%, of its series A auction preferreds; 1,815, or 91%, of its series B auction preferreds and 749, or 93%, of its series C auction preferreds.

Eaton Vance New Jersey Municipal Income Trust accepted 1,160, or 87%, of its series A auction preferreds.

Eaton Vance New York Municipal Income Trust accepted 1,184, or 88%, of its series A auction preferreds.

Eaton Vance Ohio Municipal Income Trust accepted 736, or 81%, of its series A auction preferreds.

Eaton Vance Pennsylvania Municipal Income Trust accepted 679, or 80%, of its series A auction preferreds.

Each fund privately placed new variable-rate preferred shares to fund its tender offer.

For each fund except the Municipal Income Trust, the amount of new preferreds issued equals the par value of the preferreds accepted for payment. Municipal Income Trust issued a lesser amount of new preferreds than the preferreds accepted for payment, resulting in a reduction in its total leverage of about 4% of its total assets.

The Municipal Income Trust will pay 94.5% of the liquidation preference of $25,000 per share, or $23,625 per share. Each other fund will pay 95.5% of the liquidation preference, or $23,875 per share.

Holders will also receive accrued dividends.

The tender offers began Feb. 16. The deadline was extended twice, first to Feb. 18 from Feb. 3 and then to Feb. 23 from Feb. 18.

AST Fund Solutions LLC (866 207-2356) is the information agent.

The funds are managed by Eaton Vance Management, a subsidiary of Boston-based investment management firm Eaton Vance Corp.

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