The Board of Trustees (the “Board”) has determined that it is in the best interest of Voya Prime Rate Trust (“the Fund”) (NYSE: PPR) and its shareholders to repay the Fund’s outstanding borrowings under the Fund’s line of credit (the “LOC”) to address concerns they have about terms related to the LOC and the Fund’s ability to obtain a long-term extension of the LOC . In furtherance of this determination, the Board has directed Voya Investments, LLC (the “Adviser”) to take the appropriate actions to repay the Fund’s outstanding borrowings under the LOC.

As of the close of business on January 15, 2021, the Adviser has completed selling senior loans sufficient to pay the outstanding balance of the LOC and, pending settlement of those loans, will temporarily manage the Fund without the use of leverage. The Fund may use leverage in the future.

It is expected that the settlement for the sale of senior loans will take place in the normal course of business, over which time the balance of the LOC will be repaid. The Fund does not intend to terminate the LOC upon its repayment. The Adviser and the Board will continue to evaluate the distribution level of the Fund in the coming months.

Voya Prime Rate Trust

The Fund is a diversified, closed-end investment management company registered under the Investment Company Act of 1940, as amended, and the rules, regulations, and applicable exemptive orders thereunder (“1940 Act”). It was organized a Massachusetts business trust on December 2, 1987. The Fund’s Common Shares are traded on the NYSE under the symbol PPR.

The Fund seeks to provide investors with as high a level of current income as is consistent with the preservation of capital. There is no assurance that the Fund will achieve its investment objective.

About Voya Investment Management

A leading, active asset management firm, Voya Investment Management manages, as of September 31, 2020, more than $238 billion for affiliated and external institutions as well as individual investors. With over 40 years of history in asset management, Voya Investment Management has the experience and resources to provide clients with investment solutions with an emphasis on equities, fixed income, and multi-asset strategies and solutions. Voya Investment Management was named in 2015, 2016, 2017, 2018, 2019 and 2020 as a “Best Places to Work” by Pensions and Investments magazine. For more information, visit voyainvestments.com. Follow Voya Investment Management on Twitter @VoyaInvestments.

Media Contact: Kristopher Kagel (201) 221-6534 Kristopher.Kagel@voya.com

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