Major financial institution sponsors asset-backed commercial paper conduit in purchase of VRTP Shares in private placement by Eaton Vance Floating-Rate Income Trust
Clients Major financial institution
Jones Day advised a major financial institution as sponsor to an asset-backed commercial paper conduit in connection with the purchase of $80 million Variable Rate Term Preferred Shares (VRTP Shares) in a private placement by Eaton Vance Floating-Rate Income Trust, a diversified closed-end management investment company. Proceeds of the issuance will be used to redeem the Trust's outstanding Auction Preferred Shares. The VRTP Shares include multiple authorized series to accommodate potential future purchases of the VRTP Shares by the commercial paper conduit.