Pioneer Floating Rate Trust Announces Expiration of Tender Offer and Preliminary Results of Tender Offer
Pioneer Floating Rate Trust (NYSE: PHD) has announced the expiration of its tender offer for up to 50% of its outstanding common shares, which concluded on December 22, 2020. Approximately 14,319,731 shares were tendered. Shares accepted in the tender offer will be bought at 98.5% of the net asset value as of December 23, 2020, with payments expected around December 28, 2020. Unaccepted shares will remain outstanding. The Fund aims for current income and capital preservation.
- None.
- The tender offer only received approximately 14,319,731 shares, which may indicate lower shareholder interest.
- The purchase price of 98.5% of net asset value reflects a discount, which could suggest a perception of lower value by shareholders.
Pioneer Floating Rate Trust (NYSE: PHD) (the “Fund”) announced today the expiration and preliminary results for the previously announced tender offer for up to
Based on current information, approximately 14,319,731 Shares were duly tendered and not withdrawn through the Expiration Date. The purchase price and final number of Shares validly tendered and accepted pursuant to the tender offer will be announced at a later date. The Fund expects to make cash payments for tendered and accepted Shares at a purchase price equal to
Any questions about the tender offer can be directed to AST Fund Solutions, LLC, the information agent for the tender offer, toll free at (877) 478-5039.
About Pioneer Floating Rate Trust
The Fund is a closed-end investment company traded on the NYSE under the symbol PHD. The Fund seeks a high level of current income. The Fund also seeks capital preservation as a secondary objective to the extent consistent with its primary objective.
About Amundi Pioneer Asset Management
Amundi Pioneer is the U.S. business of Amundi, Europe’s largest asset manager by assets under management and ranked among the ten largest globally[1]. Boston is one of Amundi’s six main global investment hubs and offers a broad range of fixed-income, equity, and multi-asset investment solutions in close partnership with wealth management firms, distribution platforms, and institutional investors across the Americas, Europe, and Asia-Pacific. Our long history of proprietary research, robust risk management, disciplined investment processes, and strong client relationships has made Amundi Pioneer an investment advisor of choice among leading institutional and individual investors worldwide. Amundi Pioneer had approximately
[1] Source IPE “Top 500 asset managers” published in June 2020 and based on AUM as of end December 2019.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), and such statements are intended to qualify for the safe harbors from liability established by the PSLRA. All statements other than statements of historical fact are forward-looking and can sometimes be identified as such by the context of the statements, including words such as “believe,” “could,” “expect,” “anticipate,” “plan,” “may,” “will,” “would,” “should,” “intend,” “possible,” “continue” “project,” “estimate,” “guidance” and other similar terms and phrases, whether in the negative or affirmative, although not all forward-looking statements include these words. Similarly, statements that describe the objectives, plans, or goals of the Fund or its investment adviser are forward-looking. Such forward-looking statements are based upon the Fund’s current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Because such statements include risks, uncertainties and contingencies, actual events may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Additionally, past performance is no guarantee of future results. Additional information concerning such risks and uncertainties are or will be contained in the Fund’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the Fund’s Annual Report to Shareholders on Form N-CSR for the fiscal year ended November 30, 2019, and its subsequent filings with the SEC which are available at http://www.sec.gov. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable law, the Fund undertakes no obligation to update publicly these statements for any reason, whether to reflect new information or the occurrence of unanticipated events or otherwise, following the date of this press release.
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Amundi Pioneer Distributor, Inc., Member SIPC
©2020 Amundi Pioneer Asset Management
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FAQ
What was the expiration date of the PHD tender offer?
How many shares were tendered in the PHD tender offer?
What will be the purchase price for the tendered shares of PHD?
When will payments for the accepted shares in the PHD tender offer be made?
