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


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.


Leah Jordan

Investor Relations


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Jonathan Gasthalter/Amanda Klein


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