Two Pioneer Closed-End Funds Authorized to Seek SEC Exemptive Order to Allow for Possibility of...

BOSTON--(BUSINESS WIRE)--Pioneer Investments announced today that the Boards of Trustees of two Pioneer closed-end funds, Pioneer High Income Trust (NYSE: PHT - News) and Pioneer Floating Rate Trust (NYSE: PHD - News ), authorized the funds to prepare and file an application for an exemptive order with the Securities and Exchange Commission (SEC). If granted, the order potentially would expand the range of alternatives available for refinancing auction rate preferred shares (ARPS) of PHT and PHD by providing each fund with the ability to enter into a loan facility with an affiliate of the funds’ adviser, Pioneer Investment Management, Inc. A bank affiliate of Pioneer has indicated a willingness to provide a loan facility to each fund on specified terms. A loan facility from an affiliated party would be subject to receipt of... [read full story]