EMI Eaton Vance Michigan Municipal Income Trust Shares of Beneficial Interest (delisted)

BOSTON, Feb. 26, 2016 /PRNewswire/ -- Each of the Eaton Vance municipal income closed-end funds listed below (each, a "Fund" and, collectively, the "Funds") announced the final results of its tender offer (the "Tender Offer") ending February 23, 2016 to repurchase up to 100% of its outstanding auction preferred shares ("APS").  For each Fund other than Eaton Vance Municipal Income Trust ("Muni Income Trust"), the Tender Offer is at a price per share equal to 95.5% of the liquidation preference per share (or $23,875 per share), plus any accrued but unpaid APS dividends. For Muni Income Trust, the Tender Offer is at a price per share equal to 94.5% of the liquidation preference per share (or $23,625 per share), plus any accrued but unpaid APS dividends. All shares that were validly tendered and not withdrawn during the offering period have been accepted for payment. APS that were not tendered will remain outstanding. 

The APS being repurchased by each Fund are as follows:

Each Fund also announced today that it has successfully completed the private placement of new variable-rate preferred shares with a liquidation preference of $25,000 per share.  For each Fund, except the Muni Income Trust, the amount of new preferred shares issued equals the par value of the APS accepted for payment pursuant to the Tender Offer as set forth above.  Muni Income Trust issued a lesser amount of new preferred shares than the APS accepted for payment pursuant to the Tender Offer, resulting in a reduction in its total leverage of approximately 4% of its total assets. 

This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of any Fund. 

The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV).  Based in Boston, Eaton Vance is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $302.6 billion in assets as of January 31, 2016, offering individuals and institutions a broad array of investment strategies and wealth management solutions. For more information about Eaton Vance, visit www.eatonvance.com.

Fund shares are subject to investment risk, including possible loss of principal invested.  No Fund is a complete investment program and you may lose money investing in a Fund.  An investment in a Fund may not be appropriate for all investors.  Additional information about the Funds, including performance and portfolio characteristic information, is available at www.eatonvance.com.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond a Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

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SOURCE Eaton Vance Management