Eaton Vance Corp. has issued $300 million aggregate principal amount of its 3.500% notes due 2027 in a previously announced public offering.
The notes are set to mature April 6, 2027, with interest payable April 6 and Oct. 6 of each year, beginning Oct. 6, 2017. The company said it plans to use the offering's net proceeds to redeem all the outstanding $250 million aggregate principal amount of its 6.50% senior notes due Oct. 2 and to pay any accrued interest, fees and expenses associated with the redemption.
The company, at any time before Jan. 6, 2027, has the option to redeem some or all of the notes by paying a make-whole premium, plus accrued and unpaid interest, if any, up to the redemption date. The company may also redeem all or a portion of the notes on or after Jan. 6, 2027, at a redemption price equal to 100% of the principal amount of the 2027 notes to be redeemed, plus accrued and unpaid interest.
The notes were sold in accordance with an underwriting agreement from April 3 between the company and Merrill Lynch Pierce Fenner & Smith Inc. and Morgan Stanley & Co. LLC.