Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

News

Saba Capital Reaches Agreement With Pioneer Floating Rate Trust to Tender 50% of Its Shares

gbafNews28

Saba Capital Management, L.P. and certain associated parties (collectively Saba) today announced that it has reached an agreement with Pioneer Floating Rate Trust (NYSE: PHD) (the Fund).

Under the terms of the agreement, the Fund will commence a cash tender offer for up to 50% of the Funds outstanding shares of common stock at a price per share equal to 98.5% of the Funds net asset value (NAV) per share. The tender offer will not expire prior to December 20, 2020. The Fund will repurchase shares tendered and accepted in the tender offer in exchange for cash. Amundi Pioneer Asset Management, Inc., the Funds investment adviser, has agreed with the Board of the Fund to limit ordinary operating expenses of the Fund for the benefit of the Funds remaining shareholders. Saba has agreed to certain standstill covenants.

We believe this agreement is in the best interests of all shareholders by allowing them the opportunity to tender their shares at a price close to the Funds NAV, said Paul Kazarian, Portfolio Manager at Saba. Importantly, the agreement will benefit both the Funds tendering and non-tendering shareholders, as the tender price will be accretive to the NAV of the Funds remaining shareholders and Amundi Pioneer Asset Management, Inc. has agreed with the Funds Board to limit ordinary operating expenses of the Fund going forward. We are grateful to the Board for engaging in productive and constructive discussions with Saba.

About Saba Capital

Saba Capital Management, L.P. is an Investment Adviser based in New York. Launched in 2009, Saba currently manages assets across three core strategies: Credit Relative Value, Tail Hedge, and Closed-End Funds.

Investors

Leah Jordan

Investor Relations

Leah.Jordan@sabacapital.com

Media

Gasthalter & Co.

Jonathan Gasthalter/Amanda Klein

212-257-4170

Advertisement
Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Recommended

Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.