SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Investments, LLC (the "Adviser") announced today an open-market share repurchase program for Voya Prime Rate Trust (NYSE:PPR) (the "Fund").
The Fund's Board of Trustees has authorized an open-market share repurchase program pursuant to which the Fund may purchase up to 10% of its stock in open-market transactions commencing on January 1, 2020 for no longer than a one year period.
The amount and timing of the repurchases will be at the discretion of the Fund’s management, subject to market conditions and investment considerations. There is no assurance that the Fund will purchase shares at any particular discount levels or in any particular amounts. Any repurchases made under this program would be made on a national securities exchange at the prevailing market price, subject to exchange requirements and volume, timing and other limitations under federal securities laws. The share repurchase program seeks to enhance shareholder value by purchasing shares trading at a discount from their net asset value ("NAV") per share.
Certain statements made on behalf of the Fund in this release are forward-looking statements. The Fund’s actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the Fund’s investments specifically. Neither the Fund nor Voya Investment Management undertake any responsibility to update publicly or revise any forward-looking statement.
About Voya Investment Management
A leading, active asset management firm, Voya Investment Management manages, as of June 30, 2019, approximately $217 billion for affiliated and external institutions as well as individual investors. With 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. For more information, visit voyainvestments.com. Follow Voya Investment Management on Twitter @VoyaInvestments.