First Trust Senior Floating Rate 2022 Target Term Fund Announces Board Approval of Early Liquidation and Management Fee Waiver

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WHEATON, Illinois – (COMMERCIAL THREAD) – First Trust Senior Floating Rate 2022 Target Term Fund (NYSE: FIV) (the “Fund”) today announced that the Board of Directors of the Fund (the “Board”) has approved the liquidation and dissolution of the Fund on December 15, 2021 (the “Termination Date”). The constitutive documents of the Fund provide that the Fund will terminate no later than February 1, 2022. Pursuant to its early termination, the common shares of beneficial interest of the Fund (the “Common Shares” are expected to cease trading on New York City). Stock Exchange on or around December 9, 2021 and will be suspended from trading prior to the opening of markets on or around December 10, 2021. The Fund expects to make its final liquidation distribution around the termination date to holders of common shares of the Fund listed on December 13, 2021. Shareholder approval is not required for early termination of the Fund.

The Fund’s investment objectives are to seek a high level of current income and to return $ 9.85 per Common Share to holders of Common Shares on termination. The Fund has entered its liquidation period in anticipation of its dissolution and, as a result, may deviate from its investment objectives and policies. As the Fund nears the termination date, the managers of the Fund will continue to reduce and eliminate its leverage and shift the Fund’s portfolio from lower quality senior loans to short term instruments. high quality or to cash and cash equivalents. In light of the foregoing and current market conditions, the Fund expects that the income generated by its portfolio investments will be reduced and, as such, the Fund and First Trust Advisors LP, the investment advisor of the Fund (“ FTA ”), have entered into and the Board has approved an agreement whereby FTA has agreed to waive the management fee payable by the Fund for the period beginning September 1, 2021 until the date of termination.

As previously announced, in part due to the impact of the COVID-19 pandemic on market conditions and the US economy as of March 2020, the Fund is unlikely to meet its target of delivering 9.85 $ per common share to holders of common shares. In the event of termination. The net asset value of the Fund as of September 13, 2021 was $ 9.71. The Fund’s daily closing price and net asset value per Common Share and other information are available at www.ftportfolios.com or by calling (800) 988-5891.

Shareholders may recognize a gain or loss for US tax purposes as a result of the liquidation of the Fund. Investors should consult a professional tax advisor regarding their particular tax situation.

FTA is a federally registered investment advisor and acts as the investment advisor to the Fund. FTA and its affiliate First Trust Portfolios LP (“FTP”), a brokerage registered with FINRA, are private companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $ 213 billion as of August 31, 2021 through mutual funds, exchange-traded funds, closed-end funds, mutual funds and managed accounts distinct. FTA is the supervisor of the First Trust mutual funds, while FTP is the sponsor. FTP is also a distributor of UCITS units and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois. For more information, visit https://www.ftportfolios.com.


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