Invesco Advisers, Inc. Announces Termination and Liquidation of Invesco High Income 2023 Target Term Fund

Argus Session date unavailable

+1.14% session move Open Argus

Details

News Market Reaction – IVZ

The recorded move for IVZ in the trading session of this news was +1.14%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

ATLANTA, Dec. 4, 2023  /PRNewswire/ -- Invesco Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ), announced today that it completed the termination and liquidation of the Invesco High Income 2023 Target Term Fund (NYSE: IHIT) (the "Fund"). In accordance with its investment objectives and organizational documents, and previously announced liquidation plans, the Fund terminated its existence and liquidated on December 1, 2023 (the "Termination Date").

The Fund launched on November 28, 2016 with the investment objectives to provide a high level of current income and to return $9.835 per share (the original net asset value ("NAV") per common share before deducting offering costs of $0.02 per share) ("Original NAV") to common shareholders on the Termination Date. As anticipated and previously disclosed, the Fund's objective of returning the Original NAV to common shareholders on or about the Termination Date was not met. The objective to return the Fund's Original NAV was not an express or implied guarantee obligation of the Fund and was dependent on a number of factors.

The Fund is returning to its shareholders a NAV of $6.94 per common share as its liquidating distribution. Since inception, the Fund paid 83 regular distributions totaling $3.78 per common share, which equates to an average distribution rate of 5.46% on NAV and 5.55% on market price. The annualized total return on NAV for the Fund shareholders who invested at the initial public offering was 0.87% and the total return on market price was 0.63%. 

Shareholders may recognize a gain or loss for U.S. tax purposes as a result of the liquidation of the Fund. Invesco does not provide tax advice; shareholders should consult a professional tax advisor regarding their specific tax situation.

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.

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 $1.3 trillion in assets on behalf of clients worldwide as of September 30, 2023. 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

Media Relations Contact: Jeaneen Terrio, Jeaneen.Terrio@invesco.com, 212-278-9205

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-advisers-inc-announces-termination-and-liquidation-of-invesco-high-income-2023-target-term-fund-302003979.html

SOURCE Invesco Ltd.