Voya Prime Rate Trust

Saba Capital Income & Opportunities Fund operates as a diversified, closed-end management investment company. It seeks to provide investors with as high a level of current income as is consistent with the preservation of capital. The company was founded on December 2, 1987 and is headquartered in New York, NY.

Saba controlled the entire board of PPR and forced the resignation of their manager. An analysis of Saba's intent and objectives is presented here.

Voya Prime Rate Trust: Activists Force A Metamorphosis

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We seem to discuss rights offerings ad nauseam. However, we haven't really touched on the basics of a tender offer.

Here Are The Dates You Need To Know For Tender Offers

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment company listed on the New York Stock Exchange, declared a monthly dividend of 0.67 cents per share on May 28, 2021, payable on June 22, 2021 to shareholders of record on June 10, 2021. This represents the 397th consecutive monthly dividend since the Trust's inception in May 1988. The following is the annualized distribution rate calculation based on the declared dividend for the

PPR - $.0067 May Dividend

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE:PPR) (the “Fund”) today reported the results of its Special Meeting of Shareholders (the “Special Meeting”) held on May 21, 2021. The results, which have been certified by the independent Inspector of Election, show that all proposals presented at the Special Meeting passed. Specifically, shareholders voted in favor of: The approval of a new investment management agreement between the Fund and Saba Capital Management, L.P. (“Saba”)

Voya Prime Rate Trust Announces Results of Special Meeting of Shareholders

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment company listed on the New York Stock Exchange, declared a monthly dividend of 0.70 cent per share on April 30, 2021, payable on May 17, 2021 to shareholders of record on May 10, 2021. This represents the 396th consecutive monthly dividend since the Trust's inception in May 1988. The following is the annualized distribution rate calculation based on the declared dividend for the

PPR - $.0070 April Dividend

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment company listed on the New York Stock Exchange, declared a monthly dividend of 1.10 cents per share on March 31, 2021, payable on April 22, 2021 to shareholders of record on April 12, 2021. This represents the 395th consecutive monthly dividend since the Trust's inception in May 1988. The following is the annualized distribution rate calculation based on the declared dividend for

PPR - $.0110 March Dividend

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Favorite liquidation at NAV exit strategy for excess returns is the Eaton Vance Short Duration Diversified Income Fund (EVG), whose shareholders already voted once in January with an outcome NOT to approve a new advisory agreement. EVG's control shareholder SIT Investment Associates would be avoiding a nearly $50 million windfall for clients' assets to accept a lesser plan than liquidation.

Which Eaton Vance Short Duration Taxable CEFs Will Be Liquidated At NAV?

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR) (the “Fund”) announced today that the Board of Trustees (the “Board”) has selected Saba Capital Management, LP (“Saba”) to serve as the new investment adviser to the Fund (the “Adviser Transition”). The Fund's current investment adviser, Voya Investments, LLC (“VIL”), and the Fund's current sub-adviser, Voya Investment Management Co. LLC (“Voya IM”), both previously announced their respective resignations, effective as of Jun

The Board of Trustees of Voya Prime Rate Trust Selects Saba Capital as New Investment Adviser

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment company listed on the New York Stock Exchange, declared a monthly dividend of 1.08 cents per share on February 26, 2021, payable on March 22, 2021 to shareholders of record on March 10, 2021. This represents the 394th consecutive monthly dividend since the Trust's inception in May 1988. The following is the annualized distribution rate calculation based on the declared dividend

PPR - $.0108 February Dividend

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR) (“the Fund”) announced today that to meet the 10 day notice requirement of the NYSE, the Board of Trustees for the Fund has changed the record date for determining shareholders of record for the special shareholder meeting announced yesterday and tentatively scheduled to be held on Friday, May 21, 2021 to March 8, 2021 from March 5, 2021. Important Notice This press release is for informational purposes only and shall not con

Voya Prime Rate Trust Announces Change to Record Date for Determining Shareholders

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR) (“the Fund”) announced today that Voya Investments, LLC (“VIL”) (the investment manager to the Fund) has notified the Board that it will resign as the Fund's manager effective June 22, 2021. Upon the effective date, the sub-advisory agreement between VIL and Voya Investment Management Co. LLC (“Voya IM”) will also terminate and the sub-adviser will cease to provide day-to-day investment management services for the Fund. In ma

Voya Prime Rate Trust Announces Resignation of Investment Manager, Intention to Approve Successor Manager and Second Tender Offer

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment company listed on the New York Stock Exchange, declared a monthly dividend of 1.21 cents per share on January 29, 2021, payable on February 23, 2021 to shareholders of record on February 10, 2021. This represents the 393rd consecutive monthly dividend since the Trust's inception in May 1988. The following is the annualized distribution rate calculation based on the declared divi

PPR - $.0121 January Dividend

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--The Board of Trustees (the “Board”) has determined that it is in the best interest of Voya Prime Rate Trust (“the Fund”) (NYSE: PPR) and its shareholders to repay the Fund's outstanding borrowings under the Fund's line of credit (the “LOC”) to address concerns they have about terms related to the LOC and the Fund's ability to obtain a long-term extension of the LOC . In furtherance of this determination, the Board has directed Voya Investments, LLC (the “Advi

Voya Prime Rate Trust to Repay Credit Facility

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For the broader indexes, December continued along its upward momentum. Overall, the market seems to be quite lofty at these levels, so keeping a cash allocation could be appropriate.

8 Closed-End Fund Buys In December To Finish Out A Volatile Year

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR) (the “Fund”), today announced the final results of the Fund's tender offer (the “Tender Offer”) for up to 15% of its outstanding common shares (the “Shares”). The Tender Offer, which expired at 5:00 p.m. Eastern time on January 4, 2021, was oversubscribed. Therefore, in accordance with the terms and conditions of the Tender Offer, the Fund will purchase Shares from all tendering shareholders on a pro rata basis, after disrega

Voya Prime Rate Trust Announces Final Results of Tender Offer

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR) (the “Fund”), today announced the expiration and preliminary results of the Fund's tender offer (the “Tender Offer”) for up to 15% of its outstanding common shares (the “Shares”), or 21,576,552 Shares. The Tender Offer commenced on December 3, 2020 and expired at 5:00 p.m. Eastern Time on January 4, 2021. Based on preliminary information, approximately 88,416,006 Shares were properly tendered. Because the Tender Offer was ove

Voya Prime Rate Trust Announces Expiration and Preliminary Results of Tender Offer

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment company listed on the New York Stock Exchange, declared a monthly dividend of 1.35 cents per share on December 31, 2020, payable on January 25, 2021 to shareholders of record on January 11, 2021. This represents the 392nd consecutive monthly dividend since the Trust's inception in May 1988. The following is the annualized distribution rate calculation based on the declared divid

PPR - $.0135 December Dividend

We recently included PPR in our Tactical Income- 100 portfolio from PHD to take advantage of a tender offer. PHD is also set for a tender offer, but the price has appreciated considerably since announcement.

Voya Prime Rate Trust: Prime For Opportunity

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"Quality" is a term much bandied about in the CEF space without a clear definition as to what qualifies as a "quality fund" We suggest two dimensions of quality: CEF outperformance relative to its sector and open-end fund alternatives as well as good governance features.

What Makes A 'Quality' CEF?

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR) (the “Fund”), today announced the commencement of a tender offer for its outstanding common shares. As previously announced, the Fund will purchase for cash up to 15% of its outstanding common shares, at a price equal to 99% of the Fund's NAV per share as determined as of the close of the regular trading session of the New York Stock Exchange (“NYSE”) on the day the tender offer expires. The tender offer will expire on Januar

Voya Prime Rate Trust Announces Commencement of Tender Offer for its Common Shares

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment company listed on the New York Stock Exchange, declared a monthly dividend of 1.44 cents per share on November 30, 2020, payable on December 22, 2020 to shareholders of record on December 10, 2020. This represents the 391st consecutive monthly dividend since the Trust's inception in May 1988. The following is the annualized distribution rate calculation based on the declared div

PPR - $.0144 November Dividend

SADDLE BROOK, N.J.--(BUSINESS WIRE)---- $PPR #Boardofdirectors--Bulldog Investors, LLC (“Bulldog”) today announced that it is shocked and dismayed by the announcement by Voya Prime Rate Trust (NYSE: PPR) (the “Fund”) of a tender offer for 15% of its outstanding common shares at 99% of net asset value (“NAV”). At the Fund's annual meeting on July 9, 2020, shareholders overwhelmingly voted in favor of a proposal for a self-tender offer for at least 40% of the Fund's shares at or close to NAV. Moreover, at the same annual m

Bulldog Investors Responds to Announcement by Voya Prime Rate Trust

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR) (the “Fund”), today announced its intention to commence a tender offer for 15% of its outstanding common shares. At the Fund's 2020 annual meeting, shareholders approved a resolution requesting that the Board of Trustees of the Fund (the “Board”) consider authorizing a self-tender offer for 40% of the outstanding common shares of the Fund at or close to the net asset value of the common shares. As a result, the Board has dete

Voya Prime Rate Trust Announces Intention to Conduct Tender Offer for its Common Shares

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment company listed on the New York Stock Exchange, declared a monthly dividend of 1.35 cents per share on October 30, 2020, payable on November 23, 2020 to shareholders of record on November 10, 2020. This represents the 390th consecutive monthly dividend since the Trust's inception in May 1988. The following is the annualized distribution rate calculation based on the declared divi

PPR - $.0135 October Dividend

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management investment company listed on the New York Stock Exchange, declared a monthly dividend of 1.40 cents per share on September 30, 2020, payable on October 22, 2020 to shareholders of record on October 13, 2020. This represents the 389th consecutive monthly dividend since the Trust’s inception in May 1988. The following is the annualized distribution rate calculation based on the declared divi

News for Voya Prime Rate Trust ETF (PPR)