Saba Capital Reaches Agreement With Invesco Dynamic Credit Opportunities Fund
Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that it has reached an agreement with Invesco Dynamic Credit Opportunities Fund (NYSE: VTA) (the “Fund”).
Under the terms of the agreement, Invesco Dynamic Credit Opportunities Fund will commence a cash tender offer for up to
Subsequent to the Tender Offer and with shareholder approval, the Fund will reorganize into a new shell interval fund (the “New Interval Fund”) created to acquire the assets and liabilities of the Fund. The New Interval Fund will conduct quarterly repurchase offers for
“Saba is pleased to have reached this agreement through constructive engagement with the Fund’s board and Invesco Advisers,” said Paul Kazarian, Portfolio Manager at Saba. “We believe shareholders will benefit from the Tender Offer contemplated by the agreement, as it enables shareholders to tender their shares at a price close to the Fund’s net asset value, in addition to the reorganization into an interval fund.”
About Saba Capital
Saba Capital Management, L.P. is a registered investment adviser founded in 2009. Saba is a spin-out of a proprietary investing group founded by Boaz Weinstein at Deutsche Bank in 1998. Saba manages
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