Today, the New York Stock Exchange welcomed its largest initial public offering of 2007 year-to-date when it listed the common shares of closed-end fund, Eaton Vance Tax-Managed Global Diversified Equity Income Fund. The fund issued 275 million shares at an initial price of $20 per share, resulting in gross proceeds of $5.5 billion (exclusive of the underwriters’ over allotment shares) making it the largest closed-end fund initial public offering to date. The fund began trading on Feb. 23 on the New York Stock Exchange under the ticker symbol “EXG.”
“Clearly, there is a strong desire among investors for vehicles that combine tax advantaged distributions with the potential for capital appreciation,” said James B. Hawkes, Chairman and CEO of Eaton Vance Corp.” “We are very excited and proud to have our fund listed on the NYSE.”
"We are pleased to welcome the Eaton Vance Tax-Managed Global Diversified Equity Income Fund to our family of NYSE-listed closed-end fund companies,” said NYSE Group, Inc. CEO John A. Thain. "We look forward to our continuing partnership with Eaton Vance Corp. and providing its shareholders with an efficient trading platform and superior market quality."
Year-to-date closed-end funds have raised $10.2 billion in new equity. In the last four months, closed-end fund offerings at the Exchange set various new records for the largest CEF IPO in history. Eaton Vance's Tax-Managed Diversified Equity Income Fund (ETY) raised $2.6 billion in proceeds in 2006, followed by Alpine Total Dynamic Dividend Fund (ADO) which raised $3.5 billion in January.
To celebrate this special occasion, Eaton Vance Corp. Chairman and CEO James B. Hawkes rang today’s Opening Bell.
About Eaton Vance Tax-Managed Global Diversified Equity Income Fund (NYSE: EXG)
The fund’s primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. The fund will pursue its objectives by evaluating returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes. Under normal market circumstances, the fund’s investment program will consist primarily of owning diversified portfolio of foreign and domestic common stocks. The fund will seek to earn high levels of tax-advantaged income and gains by emphasizing investments in stocks that pay dividends that qualify for favorable federal income tax treatment and writing (selling) stock index call options with respect to a portion of its common stock portfolio value. The fund will seek to take advantage of three potential sources of tax-advantaged income and gains: qualified dividends, index call options written and stock price appreciation.
About Eaton Vance Corp.
Eaton Vance Corp., a Boston-based investment management firm, is listed on the New York Stock Exchange under the symbol EV. Through its subsidiaries, Eaton Vance Corp. managed $135.5 billion in assets as of January 31, 2007 . Eaton Vance is an adviser and distributor of investment products and separate accounts for individual and institutional clients
About NYSE Group, Inc.
NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange LLC (the “NYSE”) and NYSE Arca, Inc. (formerly known as the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. In 2006, on an average trading day, 2.3 billion shares, valued at $86.8 billion, were traded on the exchanges of the NYSE Group.
The NYSE is the world’s largest and most liquid cash equities exchange. The NYSE provides a reliable, orderly, liquid and efficient marketplace where investors buy and sell listed companies’ common stock and other securities. On December 31, 2006 , the operating companies listed on the NYSE represented a total global market capitalization of $25.0 trillion.
NYSE Arca, Inc. operates the former ArcaEx®, the first open, all-electronic stock exchange in the United States , which has a leading position in trading exchange-traded funds and exchange-listed securities. NYSE Arca, Inc. is also an exchange for trading equity options. NYSE Arca, Inc.’s trading platforms provide customers with fast electronic execution and open, direct and anonymous market access.
NYSE Regulation, an independent not-for-profit subsidiary, regulates member organizations through the enforcement of marketplace rules and federal securities laws. NYSE Regulation also ensures that companies listed on the NYSE and NYSE Arca meet their financial and corporate governance listing standards.
For more information on NYSE Group, go to: www.nyse.com.
