Eaton Vance Municipal Income Closed-End Funds Announce Expiration And Preliminary Results Of Auction Preferred Shares Tender Offers

Dec 03, 2015, 16:15 ET from Eaton Vance Management

BOSTON, Dec. 3, 2015 /PRNewswire/ -- Each of the Eaton Vance municipal income closed-end funds listed below (each, the "Fund" and, collectively, the "Funds") announced the expiration and preliminary results of its tender offer for up to 100% of its outstanding auction preferred shares ("APS") at a price per share equal to 95.5% of the APS liquidation preference of $25,000 per share (or $23,875 per share), plus any accrued but unpaid APS dividends (the "Tender Offer"). 

Each Fund's Tender Offer expired at 5:00 p.m. Eastern Time on December 2, 2015.  All shares that were validly tendered and not withdrawn during the offering period have been preliminarily accepted for payment.  Completion of each Fund's Tender Offer is conditional upon the Fund's issuance of new preferred shares with an aggregate liquidation preference at least equal to the aggregate liquidation preference of the tendered APS and certain other conditions as set forth in the Fund's Offer to Purchase and the related Letter of Transmittal (the "Offer Documents").

Based upon current information, each Fund has preliminarily accepted APS for payment as follows:

Ticker
Symbol

Fund

Series

Cusip

APS

Tendered

% of
Outstanding

EIA

Eaton Vance California Municipal Bond Fund II

A

27828C205

992

96%

MAB

Eaton Vance Massachusetts Municipal Bond Fund

A

27828K207

518

95%

MIW

Eaton Vance Michigan Municipal Bond Fund

A

27828M203

421

79%

EIV

Eaton Vance Municipal Bond Fund II

A

27827K208

832

93%


B

27827K307

766

86%

EMJ

Eaton Vance New Jersey Municipal Bond Fund

A

27828R202

695

89%

NYH

Eaton Vance New York Municipal Bond Fund II

A

27828T208

460

87%

EIO

Eaton Vance Ohio Municipal Bond Fund

A

27828L205

590

87%

EIP

Eaton Vance Pennsylvania Municipal Bond Fund

A

27828W201

818

94%

The number of shares to be repurchased by each Fund is subject to adjustment and should not be regarded as final.  Payment for each Fund's tendered APS is expected to be made on or about December 11, 2015, contingent upon the issuance of new preferred shares as described above.  APS that were not tendered remain outstanding.  

This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of any Fund.  The complete terms and conditions of each Fund's Tender Offer are set forth in the Offer Documents, as filed with the Securities and Exchange Commission as exhibits to a tender offer statement on Schedule TO and available free of charge at www.sec.gov

The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV).  Eaton Vance 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 $311.4 billion in assets as of October 31, 2015, offering individuals and institutions a broad array of investment strategies and wealth management solutions. For more information about Eaton Vance, visit www.eatonvance.com.

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.

SOURCE Eaton Vance Management



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