/C O R R E C T I O N -- Eaton Vance Management/
BOSTON, March 26, 2013
In the news release, Eaton Vance Municipal Income Term Trust (EXT) Raises $205
Million in Initial Public Offering, issued 26-Mar-2013 by Eaton Vance
Management over PR Newswire, we are advised by the company that in the
headline and last sentence of the first paragraph, the Eaton Vance Municipal
Income Term Trust ticker symbol should be ETX rather than EXT as originally
issued inadvertently. The complete, corrected release follows:
Eaton Vance Municipal Income Term Trust (ETX) Raises $205 Million in Initial
BOSTON, March 26, 2013 /PRNewswire/ --Eaton Vance Corp. (NYSE: EV) announced
today the initial public offering of common shares of Eaton Vance Municipal
Income Term Trust (the "Trust"), a new closed-end fund. The Trust is issuing
10,250,000 shares at an initial price of $20.00 per share, resulting in gross
proceeds of $205 million. Up to approximately 1.5 million additional shares
may be issued upon exercise of the underwriters' overallotment option, which
may not occur. The Trust begins trading today on the New York Stock Exchange
under the ticker symbol "ETX."
The Trust's investment objective is to provide current income exempt from
regular federal income tax. The Trust will seek to achieve its investment
objective by investing primarily in municipal obligations, a portion of which
will be investment grade and a portion of which may be below investment grade
at the time of investment. The Trust has a term of fifteen years and
currently intends to cease its investment operations on or about June 30, 2028
and thereafter liquidate and distribute its net assets to holders of the
Trust's common shares. An investment in the Trust may not be appropriate for
all investors, particularly those that are not subject to federal income tax.
There is no assurance that the Trust will achieve its investment objective.
The underwriting syndicate was led by UBS Investment Bank and included Morgan
Stanley & Co. Incorporated, Citigroup Global Markets, Inc. and BofA Merrill
Eaton Vance Management, a wholly-owned subsidiary of Eaton Vance Corp., is the
Trust's investment adviser.
Eaton Vance is one of the oldest investment management firms in the United
States, with a history dating to 1924. Eaton Vance and its affiliates managed
$247.8 billion in assets as of January 31, 2013, 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, visit
The Trust is a newly organized, diversified, closed-end management investment
company with no operating history. The market price of Trust shares can be
affected by factors such as changing perceptions about the Trust, market
conditions, fluctuations in supply and demand for Trust shares, or changes in
Trust distributions. Trust shares are subject to investment risk, including
possible loss of principal invested. Investors should consider the investment
objective and policies, risk considerations, charges and expenses of the Trust
carefully before investing. Investors should read the prospectus carefully
before they invest. Shares of closed-end funds often trade at a discount from
their net asset value. The Trust is not a complete investment program and you
may lose money investing in the Trust.
Statements in this press release that are not historical facts are
forward-looking statements as defined by the United States securities laws.
You should exercise caution in interpreting and relying on forward-looking
statements because they are subject to uncertainties and other factors which
are, in some cases, beyond the Trust's control and could cause actual results
to differ materially from those set forth in the forward-looking statements.
SOURCE Eaton Vance Management
Contact: Investor: Jonathan Isaac, 617.672.8818, firstname.lastname@example.org, Media:
Robyn Tice, 617.672.8940, email@example.com
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