Simpson Thacher Represents Underwriters in $190 Million IPO of Eaton Vance High Income 2021 Target Term Trust
06.10.16
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Simpson Thacher represented the underwriters, led by Wells Fargo Securities, LLC and UBS Securities LLC, in connection with the initial public offering of Eaton Vance High Income 2021 Target Term Trust (the “Trust”). The offering raised approximately $190 million, which would increase to approximately $218.5 million assuming full exercise of the over-allotment option.
The Trust is a newly organized, diversified, closed-end management investment company which trades on the New York Stock Exchange under the symbol “EHT.” The Trust’s investment objectives are high current income and to return the original net asset value per common share of beneficial interest before deducting offering costs to holders on or about July 1, 2021. The Trust seeks to achieve its investment objectives by investing at least 80% in corporate debt obligations and, separately, at least 80% in corporate debt obligations that, at the time of investment, are rated below investment grade (BB+ or lower) or are unrated but deemed equivalent by the Trust’s investment adviser. Eaton Vance Management is the Trust’s investment adviser.
The Simpson Thacher team for the transaction included Sarah Cogan, Rajib Chanda, Benjamin Wells and Brenda Hwang (Capital Markets); Joyce Xu and Shimeng Cheng (Derivatives); Jonathan Cantor and Michael Badain (Tax); and Jennie Getsin (Blue Sky and FINRA).