ATLANTA, Dec. 6, 2019 /PRNewswire/ -- Invesco Advisers,
Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ), announced today the
preliminary results 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"). Each tender
offer expired at 11:59 p.m.,
New York City time, on
Thursday, December 5, 2019 (the
"Expiration Date").
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Invesco Dynamic Credit Opportunities Fund conducted 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. Based on current
information, approximately 37,165,804 Common Shares, or
approximately 50.2% of the Fund's Common Shares outstanding, were
tendered through the Expiration Date. Because the number of
shares exceeded 11,114,143 shares, the relative number of Common
Shares that will be purchased from each shareholder will be
prorated based on the number of Common Shares properly
tendered.
Invesco High Income Trust II conducted a tender offer for cash
of up to 1,623,686 of the Fund's Common Shares, representing twenty
percent of its Common Shares. Based on current information,
approximately 3,240,669 Common Shares, or approximately 39.9% of
the Fund's Common Shares outstanding, were tendered through the
Expiration Date. Because the number of shares exceeded
1,623,686 shares, the relative number of Common Shares that
will be purchased from each shareholder will be prorated based on
the number of Common Shares properly tendered.
Invesco Senior Income Trust conducted a tender offer for cash of
up to 27,005,424 of the Fund's Common Shares, representing fifteen
percent of its Common Shares. Based on current information,
approximately 105,117,523 Common Shares, or approximately 58.4% of
the Fund's Common Shares outstanding, were tendered through the
Expiration Date. Because the number of shares exceeded
27,005,424 shares, the relative number of Common Shares that
will be purchased from each shareholder will be prorated based on
the number of Common Shares properly tendered.
The final number of each Fund's Common Shares validly tendered
and accepted pursuant to each Fund's tender offer will be announced
at a later date. Each Fund expects to make cash payments for
tendered and accepted Common Shares at a price equal to 98.5% of
such Fund's net asset value as of the close of regular trading on
the New York Stock Exchange on Friday,
December 6, 2019. Payment for Common Shares tendered and
accepted is expected to be sent to tendering shareholders within
approximately ten business days after the Expiration Date.
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.
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
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.
Note: There is no assurance that a closed-end fund
will achieve its investment objective. Common shares are bought on
the secondary market and may trade at a discount or premium to NAV.
Regular brokerage commissions apply.
NOT FDIC INSURED l MAY LOSE VALUE l NO
BANK GUARANTEE
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SOURCE Invesco Ltd.