Eaton Vance Corp. Announces Early Results And Pricing Of Its Previously Announced Cash Tender Offer

BOSTON, June 28, 2013 /PRNewswire/ -- Eaton Vance Corp. (NYSE: EV) announced today that as of 5:00 p.m., New York City time, on June 27, 2013 (the "Early Tender Date"), it had received tenders for an aggregate principal amount of approximately $307 million of its outstanding 6.50% Senior Notes due 2017 (the "Notes") in its previously announced cash tender offer (the "Tender Offer"). Because the aggregate principal amount of Notes validly tendered (and not validly withdrawn) pursuant to the Tender Offer exceeds the Maximum Tender Amount, as defined in Eaton Vance's Offer to Purchase dated June 14, 2013 (the "Offer to Purchase"), the Notes accepted for purchase are subject to proration based on the terms described in the Offer to Purchase. As a result, Eaton Vance has accepted for purchase $250 million aggregate principal amount of the Notes. 

Holders of Notes accepted for purchase will be eligible to receive the "Total Consideration" specified in the table below, which includes the Early Tender Premium (as defined in the Offer to Purchase).  In addition to the Total Consideration, Holders of Notes accepted for purchase will receive Accrued Interest (as defined in the Offer to Purchase) on those Notes from the last interest payment date with respect to those Notes to, but not including the Settlement Date (as defined in the Offer to Purchase).  The Settlement Date for Notes validly tendered prior to the Early Tender Date is expected to be June 28, 2013.

Title of
Security

CUSIP
Number

Reference U.S.
Treasury Security

Bloomberg
Reference
Page

Fixed
Spread

Tender Offer
Consideration(1)

Early Tender
Premium(1)

Total
Consideration(1)

6.50% Notes
due 2017

278265AC7

0.625% U.S.
Treasury Notes
due September 30,
2017

PX6

30 bps

$1,175.94

$30.00

$1,205.94

(1) Per $1,000 principal amount of Securities validly tendered.

The Tender Offer will expire at 11:59 p.m., New York City time, on July 12, 2013.  The withdrawal deadline of 5:00 p.m., New York City time, on June 27, 2013 has passed and has not been extended.  Furthermore, since the Tender Offer was fully subscribed as of the Early Tender Date, Holders of Notes who validly tender Notes after the Early Tender Date will not have any of their Notes accepted for purchase.  Eaton Vance is not increasing the Maximum Tender Amount.

BofA Merrill Lynch and Morgan Stanley & Co. LLC are acting as the dealer managers for the Tender Offer.  The information agent and tender agent for the Tender Offer is Global Bondholder Services Corporation.  The Tender Offer is made only by the Offer to Purchase and the related Letter of Transmittal, and the information in this news release is qualified by reference to such documents.  Copies of the Offer to Purchase, Letter of Transmittal and related tender offer materials are available by contacting Global Bondholder Services Corporation at (866) 857-2200 (toll-free) or (212) 430-3774 (collect). Questions regarding the Tender Offer should be directed to BofA Merrill Lynch at (888) 292-0070 or Morgan Stanley & Co. LLC at (866) 718-1649.

This release is for informational purposes only and does not constitute an offer to sell or an offer to purchase, or the solicitation of an offer to sell or an offer to purchase, or a solicitation of the Notes or any other securities, nor shall there be any sale of securities mentioned in this press release in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Tender Offer is not being made to holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Tender Offer is required to be made by a licensed broker or dealer, it shall be deemed to be made by the dealer managers or any other licensed broker or dealer on behalf of Eaton Vance.

ABOUT EATON VANCE

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 $260.3 billion in assets as of April 30, 2013, offering individuals and institutions a broad array of investment strategies and wealth management solutions.

SOURCE Eaton Vance Corp.



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