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Voya Prime Rate Trust (NYSE: PPR) declared a monthly dividend of 0.67 cents per share on May 28, 2021, marking the 397th consecutive monthly dividend since its inception in May 1988. This dividend will be payable on June 22, 2021, to shareholders of record on June 10, 2021. The annualized distribution rates were reported as 1.59% based on Net Asset Value (NAV), and 1.69% based on market price at month-end. The Trust primarily invests in below investment grade, floating rate senior loans and aims for high current income while preserving capital.
Voya Prime Rate Trust (NYSE:PPR) announced the results of its Special Meeting held on May 21, 2021, where all proposals passed with significant shareholder support. Notable approvals include a new investment management agreement with Saba Capital Management, removing fundamental investment restrictions, and changing its classification to non-diversified. The Fund plans a cash tender offer for up to 30% of shares to narrow the price-to-NAV discount. A managed distribution plan was also approved, setting a minimum annual distribution rate of 8% based on average monthly NAV.
Voya Prime Rate Trust (NYSE: PPR) announced a monthly dividend of $0.0070 per share on April 30, 2021, payable on May 17, 2021, to shareholders of record on May 10, 2021. This marks the 396th consecutive monthly dividend since its inception in May 1988. The annualized distribution rate is 1.73% based on the NAV and 1.87% based on the market closing price. The Trust aims to deliver high current income while preserving capital, investing primarily in below-investment-grade floating rate senior loans, and is managed by Voya Investments.
Voya Prime Rate Trust (NYSE: PPR) declared a monthly dividend of 1.10 cents per share on March 31, 2021, payable on April 22, 2021, to shareholders of record on April 12, 2021. This marks the 395th consecutive monthly dividend since its inception in May 1988. The annualized distribution rates based on the declared dividend are 2.62% (NAV) and 2.79% (Market). The Trust aims to provide high current income while preserving capital, investing primarily in below investment grade floating rate senior loans.
Voya Prime Rate Trust (NYSE: PPR) has appointed Saba Capital Management as its new investment adviser, succeeding Voya Investments and Voya Investment Management. The transition, effective June 22, 2021, aims to ensure a smooth handover for shareholders. Saba, recognized as a leader in credit investing, manages $3.2 billion in assets and intends to expand the Fund's investment strategy while focusing on high current income. Shareholder approval for the new advisory agreement is required, with a special meeting scheduled for May 21, 2021.
Voya Prime Rate Trust (NYSE: PPR) announced a monthly dividend of 1.08 cents per share, marking the 394th consecutive monthly dividend since its inception in May 1988. The dividend is payable on March 22, 2021, to shareholders of record as of March 10, 2021. As of February 28, 2021, the annualized distribution rate is calculated at 2.84% based on NAV and 3.04% based on market price. The Trust aims to provide investors with high current income while preserving capital.
Voya Prime Rate Trust (NYSE: PPR) has updated the record date for its upcoming special shareholder meeting from March 5, 2021, to March 8, 2021. This adjustment is in compliance with the New York Stock Exchange's 10-day notice requirement. The special meeting was initially announced yesterday and is scheduled for May 21, 2021. Shareholders are advised that the Fund has not yet initiated the Tender Offers referenced in the release and that important information regarding these offers will be included in future filings with the SEC.
Voya Prime Rate Trust (NYSE: PPR) announced that Voya Investments, LLC will resign as the Fund's manager effective June 22, 2021. This decision aims to allow the Board and shareholders to select a new investment manager aligned with their goals. A strategic plan committee has been formed to facilitate the search for a successor manager, with a special shareholder meeting scheduled for May 21, 2021, to approve the new management agreement. Following this, a tender offer for approximately 30% of the Fund's outstanding shares will be initiated.
Voya Prime Rate Trust (NYSE: PPR) announced a monthly dividend of 1.21 cents per share on January 29, 2021, marking the 393rd consecutive monthly dividend since its launch in May 1988. The dividend is payable on February 23, 2021 to shareholders on record as of February 10, 2021. With an annualized distribution rate of 2.88% based on NAV and 3.17% based on market price, the Trust aims to deliver high current income while preserving capital. Investors should note the risks associated with below investment-grade loans and potential interest rate fluctuations.
The Board of Trustees of Voya Prime Rate Trust (NYSE: PPR) has decided to repay the Fund's outstanding borrowings under its line of credit (LOC). This action addresses concerns about the LOC terms and long-term extension possibilities. As of January 15, 2021, the Adviser has sold senior loans sufficient to clear the LOC balance, temporarily managing the Fund without leverage. The balance will be repaid during normal business operations, with future leverage remaining a possibility. The Board will continue to assess the Fund's distribution levels.
