BOSTON--(BUSINESS WIRE)--Pioneer Floating Rate Trust (NYSE: PHD) announced today that it has commenced a tender offer. The Fund will purchase up to 50% of the Fund’s outstanding common shares at a price per Share equal to 98.5% of the net asset value per Share as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the business day immediately following the expiration date of the tender offer. The tender offer will expire on December 22, 2020 at 5:00 p.m. Eastern Standard Time, unless the offer is extended by the Fund in its sole discretion. The Fund previously announced its intention to conduct the tender offer in a press release dated August 31, 2020.
Additional terms and conditions of the tender offer are set forth in the Fund's tender offer materials, which are being distributed to holders of Shares. The Fund will repurchase Shares tendered and accepted in the tender offer in exchange for cash. In the event more than 50% of the Shares are tendered, and not withdrawn, the Fund will purchase Shares from tendering shareholders on a pro rata basis. Accordingly, shareholders cannot be assured that the Fund will purchase all of a shareholder’s tendered Shares.
Tender Offer Statement
This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of the Fund and the above statements are not intended to constitute an offer to participate in any tender offer. The tender offer will be made only by an offer to purchase, a related letter of transmittal, and other documents, to be filed with the Securities and Exchange Commission (the “SEC”) as exhibits to the tender offer statement on Schedule TO. Shareholders of the Fund should read the offer to purchase and tender offer statement on Schedule TO and related exhibits, as they will contain important information about the tender offer. These and other filed documents will be available to investors free of charge both on the SEC’s website, http://www.sec.gov, and from the Fund, by calling AST Fund Solutions, LLC, the Fund's information agent for the tender offer, at (877) 478-5039 (toll-free).
About Pioneer Floating Rate Trust
The Fund is a closed-end investment company traded on the NYSE under the symbol PHD. The Fund seeks a high level of current income. The Fund also seeks capital preservation as a secondary objective to the extent consistent with its primary objective.
About Amundi Pioneer Asset Management
Amundi Pioneer is the U.S. business of Amundi, Europe’s largest asset manager by assets under management and ranked among the ten largest globally[1]. Boston is one of Amundi’s six main global investment hubs and offers a broad range of fixed-income, equity, and multi-asset investment solutions in close partnership with wealth management firms, distribution platforms, and institutional investors across the Americas, Europe, and Asia-Pacific. Our long history of proprietary research, robust risk management, disciplined investment processes, and strong client relationships has made Amundi Pioneer an investment advisor of choice among leading institutional and individual investors worldwide. Amundi Pioneer had approximately $89 billion in assets under management as of September 30, 2020.
