BOSTON, June 1, 2018 /PRNewswire/ -- The respective Boards of Trustees of the Funds listed below have approved proposals to redeem all outstanding Institutional MuniFund Term Preferred (IMTP) Shares:
Fund (trading symbol)
Fund (trading symbol)
Eaton Vance California Municipal Bond Fund II (EIA)
Eaton Vance California Municipal Income Trust (CEV)
Eaton Vance Massachusetts Municipal Bond Fund (MAB)
Eaton Vance Massachusetts Municipal Income Trust (MMV)
Eaton Vance Michigan Municipal Bond Fund (MIW)
Eaton Vance Michigan Municipal Income Trust (EMI)
Eaton Vance New York Municipal Bond Fund II (NYH)
Eaton Vance New York Municipal Income Trust (EVY)
Eaton Vance New Jersey Municipal Bond Fund (EMJ)
Eaton Vance New Jersey Municipal Income Trust (EVJ)
Eaton Vance Ohio Municipal Bond Fund (EIO)
Eaton Vance Ohio Municipal Income Trust (EVO)
Eaton Vance Pennsylvania Municipal Bond Fund (EIP)
Eaton Vance Pennsylvania Municipal Income Trust (EVP)
Eaton Vance Municipal Bond Fund II (EIV)
Eaton Vance Municipal Income Trust (EVN)
The Funds will redeem the outstanding IMTP over a period of time in a sequence of redemptions of specific share amounts, subject to market, regulatory and other conditions and factors. Any partial redemptions will occur on a pro rata basis. It is currently anticipated that, upon redemption, the leverage provided by the IMTP would be replaced through the creation of residual interest bonds ("RIBs"). The timing and amount for such redemptions and refinancing of the IMTP could occur within approximately a 9-month period, but will be determined by the availability of acceptable terms on the RIBs, market, regulatory and other factors. Before any such redemption of the IMTP, each Fund would issue a notice containing specific details regarding the redemption.
The ability of the Funds to utilize RIBs is based, in part, on the eligibility of underlying municipal bonds held by the Funds for RIB programs. The extent to which the Funds are able to use RIBs to redeem IMTP depends on market conditions, each Fund's portfolio composition, the cost of liquidity and the willingness of liquidity providers to support RIBs, among other factors. RIBs are subject to the risks associated with leverage generally, as well as certain additional risks. The value and market for RIBs are volatile and such bonds may have limited liquidity.
Each Fund is a closed-end management investment company sponsored and managed by Eaton Vance Management. Each Fund trades on NYSE American, except for Eaton Vance Municipal Income Trust, which trades on the New York Stock Exchange.
Eaton Vance Management is a subsidiary of Eaton Vance Corp. (NYSE: EV). Eaton Vance is a leading global asset manager whose history dates to 1924. With offices in North America, Europe, Asia and Australia, Eaton Vance and its affiliates managed $440 billion in assets as of April 30, 2018, offering individuals and institutions a broad array of investment strategies and wealth management solutions. For more information about Eaton Vance, visit eatonvance.com.
Additional Information about the Funds
Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Additional information about the Funds, including performance and portfolio characteristic information, is available at www.eatonvance.com.
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 a Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements. This press release is not intended to, and does not, constitute an offer to purchase or sell shares of any Fund.
SOURCE Eaton Vance Management