Simpson Thacher Represents Underwriters in $210 Million IPO of Eaton Vance Floating-Rate 2022 Target Term Trust
08.24.17
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Simpson Thacher represented the underwriters, led by Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and UBS Securities LLC, in connection with the initial public offering of Eaton Vance Floating-Rate 2022 Target Term Trust (the "Trust"). The offering raised approximately $210 million, which would increase to approximately $241.5 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 "EFL." 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 October 31, 2022. The Trust seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its total assets in senior floating-rate loans of any maturity. Eaton Vance Management is the Trust’s investment adviser.
The Simpson Thacher team for the transaction included Sarah Cogan, Rajib Chanda, Rafael Vasquez and Nicholas Ridley (Capital Markets); Joyce Xu and Shimeng Cheng (Derivatives); Jonathan Cantor and Michael Badain (Tax); and Jennie Getsin (Blue Sky and FINRA). Summer Associate Catherine Ciriello also provided valuable assistance.