ATLANTA, Nov. 1, 2024
/PRNewswire/ -- Invesco Advisers, Inc., a subsidiary of Invesco
Ltd. (NYSE: IVZ), announced today additional details of the
previously announced tender offers for Invesco Trust for Investment
Grade New York Municipals (NYSE: VTN) and Invesco Pennsylvania
Municipal Income Trust (NYSE: VPV).
Each Fund will conduct a cash tender offer for 25% of its
outstanding common shares at a price equal to 99% of the Fund's net
asset value (NAV) per share. Each Fund's tender offer
will commence on Thursday, November 7,
2024, and will expire, unless extended, at 11:59 p.m., New York
City time, on Monday, December 9,
2024. 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 99% 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.
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 investor inquiries, call 1-800-341-2929.
For media relations inquiries contact
mediarelations@invesco.com.
This communication is not intended to, and shall not,
constitute an offer to purchase or sell shares of any of the
Invesco Funds, including either Fund.
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 $1.8 trillion in assets on behalf of clients
worldwide as of September 30, 2024.
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
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SOURCE Invesco Ltd.