ATLANTA, Oct. 15, 2021 /PRNewswire/ --
FINAL RESULTS OF TENDER OFFER
Invesco Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE:
IVZ), announced today the final results of the previously announced
tender offer for Invesco Dynamic Credit Opportunities Fund (NYSE:
VTA), (the "Fund"). The tender offer expired at 11:59 p.m., New York
City time, on Thursday, October 7,
2021 (the "Expiration Date"). The Fund conducted a
tender offer for cash of up to 12,596,028 of the Fund's outstanding
common shares of beneficial interest ("common shares"),
representing twenty percent of its common shares.
Based on calculations by American Stock Transfer & Trust
Company, LLC, the depositary agent (the "Agent") for the Fund's
tender offer, approximately 32,779,030 common shares, or
approximately 52.05% of the Fund's common shares outstanding, were
tendered through the Expiration Date. The Fund has accepted
12,596,028 shares (subject to adjustment for fractional shares) for
cash payment at a price equal to $12.24 per share. This purchase price is 98.5% of
the Fund's net asset value ("NAV") per share of $12.43 as of the close of regular trading on the
New York Stock Exchange on October 8,
2021, the pricing date stated in the Offer to Purchase.
Because the total number of common shares tendered exceeds
12,596,028 shares, the number of common shares offered to purchase,
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 in accordance with the terms of the Offer
to Purchase. Under final pro-ration, 38.42% of the common shares
tendered will be accepted for payment, subject to adjustment for
fractional shares. Following the purchase of the tendered shares,
the Fund will have approximately 50,384,113 common shares
outstanding.
UPCOMING REORGANIZATION AND CEASING OF TRADING
As previously announced, at the Annual Meeting of Shareholders
of the Fund held on September 3,
2021, Fund shareholders approved a proposal to reorganize
(the "Reorganization") the Fund into a newly created closed-end
interval fund (the "Interval Fund"). The Interval Fund will
offer four classes of shares (Class A, Class AX, Class R and Class
Y) and will provide liquidity to shareholders in the form of
quarterly repurchase offers. The Interval Fund will be managed with
the same investment objective and similar investment strategy as
the Fund, all as described in the proxy statement/prospectus, which
has been filed publicly. Shareholders should read the
proxy/statement prospectus as it contains important information
about the Reorganization and the Interval Fund.
It is currently expected that the closing of the Reorganization
will occur effective on the open of business on Monday, November 1, 2021, subject to the
satisfaction of applicable regulatory requirements and customary
closing conditions. To facilitate the Reorganization, common
shares of the Fund will delist and cease trading on the New York
Stock Exchange as of market close on Thursday, October 28, 2021. On Monday, November 1, 2021, common shareholders
remaining in the Fund as of the market close on Thursday, October 28, 2021 will become
shareholders of the Interval Fund in the Reorganization and will
hold the Interval Fund. Common shareholders of the Fund who
become shareholders of the Interval Fund will receive newly issued
Class AX shares of the Interval Fund priced daily at the Interval
Fund's NAV.
The Interval Fund expects its initial repurchase offer to
commence in the first quarter of 2022. As a result, common
shareholders of the Fund remaining in the Fund as of the market
close on Thursday, October 28, 2021
who become shareholders of the Interval Fund will first have an
opportunity to redeem their Interval Fund shares in the first
quarter of 2022 at the current NAV per share.
CHANGE IN DIVIDEND PAYABLE DATE AND TERMINATION OF MANAGED
DISTRIBUTION PLAN
In addition, in connection with the Reorganization:
- The Fund's managed distribution plan described below will
terminate as of market close on Thursday,
October 28, 2021. The Interval Fund does not have a managed
distribution plan.
- The Fund's dividend payable date will occur on Friday, October 22, 2021 instead of October 29, 2021 as previously announced. The
Fund's previously announced ex-date of October 13, 2021, record date of October 14, 2021, and dividend amount of
$0.0750 per share will not
change.
MANAGED DISTRIBUTION PLAN
The Fund has implemented a managed distribution plan (the
"Plan") whereby the Fund will pay its monthly dividend to common
shareholders at a stated fixed monthly distribution amount of
$0.075 per share. 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.
This communication is not intended to, and shall not,
constitute an offer to purchase or sell shares of any of the
Invesco Funds, including the Fund.
Where to find additional information
In connection
with the Reorganization, a definitive proxy statement/prospectus
was filed with the SEC. All shareholders are advised to read the
definitive proxy statement/ prospectus in its entirety because it
contains important information regarding the Fund, the Interval
Fund, the Reorganization, the Board's considerations in
recommending the Reorganization, and related matters. Shareholders
may obtain a free copy of the definitive proxy statement/prospectus
and other documents filed by the Fund or the Interval Fund with the
SEC, including the Fund's most recent annual report to
shareholders, on the SEC's website at http://www.sec.gov, and
copies of this information may be obtained, after paying a
duplicating fee, by electronic request at the following e-mail
address: publicinfo@sec.gov. Copies of all of these documents may
be obtained upon request without charge by visiting the Invesco
website at invesco.com/us, Invesco 1555 Peachtree Street, N.E.
Atlanta, GA 30309 www.invesco.com
or by writing to the Fund, at 1555 Peachtree Street, N.E.,
Atlanta, GA 30309, or calling 1-
800-341-2929.
About Invesco Ltd.
Invesco Ltd. 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 more than 20 countries, Invesco managed $1.5 trillion in assets on behalf of clients
worldwide as of June 30, 2021. For
more information, visit www.invesco.com.
Invesco Distributors, Inc. is the U.S. distributor for Invesco
Ltd.'s retail products. Invesco Advisers, Inc. is an investment
adviser; it provides investment advisory services to individual and
institutional clients and does not sell securities. Each entity is
a wholly owned, indirect subsidiary of Invesco Ltd.
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 A DEPOSIT l NOT FDIC INSURED l NOT
GUARANTEED BY THE BANK | MAY LOSE VALUE |
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Contact: Jeaneen Terrio
Jeaneen.Terrio@invesco.com 212-278-9205
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