Voya Prime Rate Trust Announces Final Results of Tender Offer

Rhea-AI Summary

Voya Prime Rate Trust (NYSE: PPR) announced the final results of its tender offer for 15% of outstanding common shares, which expired on January 4, 2021. The offer was oversubscribed, leading to a pro-rata purchase from all tendering shareholders. A total of 88,416,006.334 shares were tendered, with 21,576,552 shares to be purchased at a purchase price of $4.86, which is 99% of the fund’s net asset value per share at the close of trading on the expiration date.

Positive

• Successful oversubscription of the tender offer.
• Pro-rata purchase confirmed, indicating strong shareholder interest.

Negative

• Only 24.4% of tendered shares will be purchased due to oversubscription.

Voya Prime Rate Trust (NYSE: PPR) (the “Fund”), today announced the final results of the Fund’s tender offer (the “Tender Offer”) for up to 15% of its outstanding common shares (the “Shares”).

The Tender Offer, which expired at 5:00 p.m. Eastern time on January 4, 2021, was oversubscribed.

Therefore, in accordance with the terms and conditions of the Tender Offer, the Fund will purchase Shares from all tendering shareholders on a pro rata basis, after disregarding fractions, based on the number of Shares properly tendered (“Pro-Ration Factor”). The final results of the Tender Offer are provided in the table below.

Number of Shares Tendered		Number of Tendered Shares to be Purchased		Pro-Ration Factor		Purchase Price*
88,416,006.334		21,576,552		0.244038128		$4.86

* Equal to 99% of the Fund’s net asset value per Share as determined as of the close of the regular trading session of the New York Stock Exchange on January 4, 2021 (the day on which the Tender Offer expired).

Questions regarding the Tender Offer may be directed to Georgeson LLC, the Information Agent for the Tender Offer, toll free at (877) 278-4775.

Important Notice

This press release is for informational purposes only and shall not constitute a recommendation or an offer or a solicitation to buy any Shares. The offer to purchase Shares was made only pursuant to an offer on Schedule TO. Common shareholders may obtain a free copy of the offer to purchase and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the Fund.

About Voya® Investment Management

A leading, active asset management firm, Voya Investment Management manages, as of September 30, 2020, over $238 billion for affiliated and external institutions as well as individual investors. With more than 40 years of history in asset management, Voya Investment Management has the experience and resources to provide clients with investment solutions with an emphasis on equities, fixed income, and multi-asset strategies and solutions. Voya Investment Management was named in 2015, 2016, 2017, 2018, 2019 and 2020 as a “Best Places to Work” by Pensions and Investments magazine. For more information, visit voyainvestments.com. Follow Voya Investment Management on Twitter @VoyaInvestments.

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FAQ

What were the final results of the Voya Prime Rate Trust tender offer?

The final results indicated that 88,416,006.334 shares were tendered, with 21,576,552 shares to be purchased.

What is the purchase price for the tendered shares in Voya Prime Rate Trust?

The purchase price for the tendered shares is $4.86, equating to 99% of the fund’s net asset value per share.

Why was the tender offer for Voya Prime Rate Trust oversubscribed?

The tender offer was oversubscribed, reflecting significant shareholder interest in selling shares.

What was the pro-ration factor for the Voya Prime Rate Trust tender offer?

The pro-ration factor for the tender offer was approximately 0.244, meaning that only a little over 24% of tendered shares will be purchased.