Invesco Advisers, Inc. Announces Expiration of Tender Offers for Invesco Trust for Investment Grade New York Municipals and Invesco Pennsylvania Value Municipal Income Trust
ATLANTA, Dec. 10, 2024 /PRNewswire/ -- Invesco Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE:IVZ), announced today the preliminary results of the previously announced tender offers for Invesco Trust for Investment Grade New York Municipals (NYSE:VTN) and Invesco Pennsylvania Value Municipal Income Trust (NYSE:VPV) (each, a "Fund" and collectively, the "Funds"). Each tender offer expired at 11:59 p.m., New York City time, on Monday, December 9, 2024 (the "Expiration Date").
Invesco Trust for Investment Grade New York Municipals conducted a tender offer for cash of up to 4,869,438 of the Fund's outstanding common shares of beneficial interest ("Common Shares"), representing twenty five percent of its Common Shares. Based on current information, approximately 6,818,415 Common Shares, or approximately 35% of the Fund's Common Shares outstanding, were tendered through the Expiration Date. Because the number of shares redeemed exceeded 4,869,438 shares, the relative number of shares that will be purchased from each shareholder will be prorated based on the number of Common Shares properly tendered.
Invesco Pennsylvania Value Municipal Income Trust conducted a tender offer for cash of up to 5,957,386 of the Fund's Common Shares, representing twenty five percent of its Common Shares. Based on current information, approximately 8,073,690 Common Shares, or approximately 33.9% of the Fund's Common Shares outstanding, were tendered through the Expiration Date. Because the number of shares exceeded 5,957,386 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 99% of such Fund's net asset value as of the close of regular trading on the New York Stock Exchange on Friday, December 10, 2024. Payment for Common Shares tendered and accepted is expected to be sent to tendering shareholders within approximately seven business days after the Expiration Date.
For investor inquiries, call 1-800-341-2929.
For media relations inquiries contact [email protected]
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 | NOT FDIC INSURED l MAY LOSE VALUE l NO BANK GUARANTEE | NOT IN INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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SOURCE Invesco Ltd.