Eaton Vance Floating-Rate Income Trust Announces Private Placement of Variable Rate Term Preferred Shares

Eaton Vance Floating-Rate Income Trust Announces Private Placement of Variable
                          Rate Term Preferred Shares

PR Newswire

BOSTON, Dec. 18, 2012

BOSTON, Dec. 18, 2012 /PRNewswire/ --Eaton Vance Floating-Rate Income Trust
(NYSE: EFT), a closed-end management investment company sponsored and managed
by Eaton Vance, announced today the successful private placement of 800 Series
C-1 Variable Rate Term Preferred Shares (VRTP Shares), with a par value of $80
million. The Trust intends to use the net proceeds of the offering to redeem
and/or repurchase its outstanding Auction Preferred Shares (APS) and to
maintain the Trust's leveraged capital structure.

The VRTP Shares are a form of preferred shares with a mandatory redemption
date of December 18, 2015, unless extended. The VRTP Shares are being issued
to a commercial paper conduit sponsored by a large financial institution (the
Conduit). Dividends on the VRTP Shares are determined each day based on a
spread to the Conduit's current cost of funding. VRTP Shares rank on parity
with the Trust's outstanding APS as to voting rights, payment of dividends and
the distribution of assets upon dissolution, liquidation or winding up of the
affairs of the Trust, but pay dividends at different rates than the APS. The
Trust's leverage is not expected to change materially as a result of the VRTP
Share issuance and the expected APS redemption/repurchase.

Eaton Vance Corp. (NYSE: EV) is one of the oldest investment management firms
in the United States, with a history dating back to 1924. Eaton Vance and its
affiliates managed $199.5 billion in assets as of October 31, 2012, offering
individuals and institutions a broad array of investment strategies and wealth
management solutions. The Company's long record of providing exemplary
service, timely innovation and attractive returns through a variety of market
conditions has made Eaton Vance the investment manager of choice for many of
today's most discerning investors. For more information about Eaton Vance,

This news release contains statements that are not historical facts, referred
to as "forward looking statements." Actual future results may differ
significantly from those stated in any forward looking statements, depending
on factors such as changes in securities or financial markets or general
economic conditions, the continuation of investment advisory, administration,
and service contracts, and other risks discussed from time to time.

SOURCE Eaton Vance Corp.

Contact: Robyn Tice, +1-617-672-8940,
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