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) (“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 making its decision to resign, VIL determined that it is in the best interest of the Fund and its shareholders to provide the Board and the Fund’s shareholders the opportunity to select an investment manager that best aligns with the Board’s goals and objectives for the Fund.

The Board has formed a strategic plan committee comprised of three independent trustees to conduct a search for a successor manager and, after Board approval of the new manager, will seek approval from shareholders to approve a new investment management agreement to be entered into with the new manager. The Board has set a record date of March 5, 2021 for determining shareholders of record for the special shareholder meeting tentatively scheduled to be held on Friday, May 21, 2021. Additionally, shortly following the approval by shareholders of the new manager, and as previously approved by the Trust’s shareholders, the Board intends to take steps to undertake a tender offer for approximately 30% of the Fund’s currently outstanding shares.

VIL and Voya IM are committed to seeking to ensure a smooth transition to the successor manager and serving the Fund, its Board and its shareholders during the transition.

Important Notice

This press release is for informational purposes only and shall not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell any common shares of the Funds. The Funds have not yet commenced the Tender Offers described in this press release. The Funds will file with the U.S. Securities and Exchange Commission (“SEC”), on or around the date of commencement of the Tender Offers, tender offer statements on Schedule TO and related exhibits, including offers to purchase, related letters of transmittal and other related documents (the “Tender Offer Documents”). COMMON SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER DOCUMENTS, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Common shareholders may obtain a free copy of any of these statements and other documents when they are filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the Funds.