Saba Capital Reaches Agreements with Three Invesco Closed-End Funds
June 14 2019 - 4:15PM
Business Wire
Invesco Senior Income Trust, Invesco High
Income Trust II, and Invesco Dynamic Credit Opportunities Fund to
Commence Tender Offers
Saba Capital Management, L.P. and certain associated parties
(collectively “Saba”) today issued the following statement
regarding agreements with Invesco Senior Income Trust (NYSE: VVR),
Invesco High Income Trust II (NYSE: VLT), and Invesco Dynamic
Credit Opportunities Fund (NYSE: VTA) (“Invesco” or the
“Funds”).
“Saba is pleased to have reached these agreements through
constructive engagement with the Invesco boards,” said Pierre
Weinstein, Partner and Portfolio Manager at Saba. “We believe the
tender offers contemplated by the agreements will benefit all
shareholders by providing them the opportunity to tender their
shares at a price close to the Funds’ respective net asset
values.”
Under the terms of the agreements, prior to January 1, 2020,
Invesco Senior Income Trust, Invesco High Income Trust II, and
Invesco Dynamic Credit Opportunities Fund will commence cash tender
offers for up to 15%, 20%, and 15%, respectively, of the Funds’
outstanding common shares of beneficial interest at a price per
share equal to 98.5% of the Funds’ respective net asset values
(“NAV”) per share. The Funds will repurchase shares tendered and
accepted in the tender offers in exchange for cash. In addition,
Saba has agreed to certain standstill covenants.
About Saba Capital
Saba Capital Management, L.P. is an Investment Adviser based in
New York. Launched in 2009, Saba currently manages assets across
three core strategies: Credit Relative Value, Tail Hedge, and
Closed-End Funds.
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