Voya Prime Rate Trust Recommends Voting Against Saba’s Proposal That the Board Consider a 40 Percent Self-Tender Offer

Voya Prime Rate Trust (NYSE: PPR) (the “Trust”), today sent a letter to shareholders outlining why its Board recommends shareholders vote against a proposal put forward by a hedge fund managed by Saba Capital Management (together with the hedge fund, “Saba”) requesting that the Board authorize a 40 percent self-tender offer of the outstanding shares of the Trust.

A self-tender of the size that Saba proposes would require the Fund to dispose of more than half of its assets in uncertain market conditions, with the losses and costs being borne largely by shareholders other than Saba.

The Board has determined that this proposal is adverse to the interests of the Trust’s long-term shareholders and urges shareholders to cast their vote using the “WHITE” proxy card “AGAINST” this proposal.

The Annual Meeting of Shareholders will be held on July 9, 2020.

The full text of the letter can be found here.

About Voya Investment Management

A leading, active asset management firm, Voya Investment Management manages, as of March 31, 2020, more than $210 billion for affiliated and external institutions as well as individual investors. With over 40 years of history in asset management, Voya Investment Management has the experience and resources to provide clients with investment solutions with an emphasis on equities, fixed income, and multi-asset strategies and solutions. Voya Investment Management was named in 2015, 2016, 2017, 2018 and 2019 as a “Best Places to Work” by Pensions and Investments magazine. For more information, visit voyainvestments.com. Follow Voya Investment Management on Twitter @VoyaInvestments.

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