ATLANTA, Oct. 23, 2019 /PRNewswire/ -- Invesco
Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ), announced
today additional details of the previously announced tender offers
for Invesco Dynamic Credit Opportunities Fund (NYSE: VTA), Invesco
High Income Trust II (NYSE: VLT) and Invesco Senior Income Trust
(NYSE: VVR) (each, a "Fund" and collectively, the "Funds").
Invesco Dynamic Credit Opportunities Fund will conduct a tender
offer for cash of up to 11,114,143 of the Fund's outstanding common
shares of beneficial interest ("common shares"), representing
fifteen percent of its common shares.
Invesco High Income Trust II will conduct a tender offer for
cash of up to 1,623,686 of the Fund's common shares, representing
twenty percent of its common shares.
Invesco Senior Income Trust will conduct a tender offer for cash
of up to 27,005,424 of the Fund's common shares, representing
fifteen percent of its common shares.
Each Fund's tender offer will commence on Friday, November 1, 2019, and will expire, unless
extended, at 11:59 p.m., New York City time, on Thursday, December 5, 2019. Subject to various
terms and conditions described in offering materials to be
distributed to shareholders: (1) purchases will be made at a price
per share equal to 98.5% of each Fund's net asset value ("NAV") per
share as of the close of trading on the first business day after
the expiration of the offer; and (2) if more shares are tendered
than the amount the Board has authorized to purchase, each Fund, as
applicable, will purchase a number of shares equal to the offer
amount on a prorated basis. The commencement of the tender offers
is pursuant to agreements between each Fund and Saba Capital
Management, L.P. ("Saba") and certain associated parties. Pursuant
to the agreements, Saba has agreed to be bound by certain
standstill covenants. Saba has filed copies of the agreements
with the U.S. Securities and Exchange Commission ("SEC") as
exhibits to its Schedule 13D.
Each Fund's common shares have recently traded at a discount to
their NAV per share. During the pendency of the tender offer, the
current NAV per share will be available by telephone at
1-800-341-2929 or on the Funds' website at www.invesco.com/us.
Invesco High Income Trust II has implemented a managed
distribution plan (the "Plan") whereby it will increase its monthly
dividend to common shareholders to a stated fixed monthly
distribution amount based on a distribution rate of 8.5 percent of
the closing market price per share as of August 1, 2018, the effective date of the Plan.
The Plan is intended to provide shareholders with a consistent, but
not guaranteed, periodic cash payment, regardless of when or
whether income is earned or capital gains are realized. If
sufficient investment income is not available for a monthly
distribution, the Fund will distribute long-term capital gains
and/or return of capital in order to maintain its managed
distribution level under the Plan. A return of capital may occur,
for example, when some or all of the money that shareholders
invested in the Fund is paid back to them. A return of capital
distribution does not necessarily reflect the Fund's investment
performance and should not be confused with "yield" or "income." No
conclusions should be drawn about the Fund's investment performance
from the amount of its distributions or from the terms of the Plan.
The Plan will be subject to periodic review by the Fund's Board of
Trustees, and the Board of Trustees may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the
Fund's shareholders. The amendment or termination of the Plan could
have an adverse effect on the market price of the Fund's common
shares.
TENDER OFFER STATEMENT
The above statements are not intended to constitute an offer to
participate in the tender offers. Further information about the
tender offers will be announced via future press releases.
Shareholders will be notified in accordance with the requirements
of the Securities Exchange Act of 1934, as amended, and the
Investment Company Act of 1940, as amended, either by publication
or mailing or both. The tender offers will be made only by an offer
to purchase, a related letter of transmittal, and other documents
to be filed with the SEC. Shareholders of the Funds should read the
respective offer to purchase and tender offer statement and related
exhibits when those documents are filed and become available, as
they will contain important information about the tender offers.
These and other filed documents will be available to investors for
free both at the website of the SEC and from the Funds.
For more information, call 1-800-341-2929.
About Invesco Ltd.
Invesco is a global independent
investment management firm dedicated to delivering an investment
experience that helps people get more out of life. Our 13
distinctive investment teams deliver a comprehensive range of
active, passive and alternative investment capabilities. With
offices in 25 countries, Invesco managed $1.2 trillion in assets on behalf of clients
worldwide as of September 30,
2019. For more information, visit www.invesco.com.
NOT FDIC INSURED l MAY LOSE VALUE l NO
BANK GUARANTEE
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SOURCE Invesco Ltd.