Invesco Advisers, Inc. Announces Expiration of Tender Offers for Invesco Trust for Investment Grade New York Municipals and Invesco Pennsylvania Value Municipal Income Trust

Rhea-AI Summary

Invesco Advisers announced the expiration of tender offers for two municipal funds: Invesco Trust for Investment Grade New York Municipals (VTN) and Invesco Pennsylvania Value Municipal Income Trust (VPV). For VTN, approximately 6,818,415 shares (35%) were tendered against an offer for 4,869,438 shares (25%). For VPV, about 8,073,690 shares (33.9%) were tendered against an offer for 5,957,386 shares (25%). Due to oversubscription, shares will be purchased on a prorated basis.

Both funds will make cash payments at 99% of their net asset value as of December 10, 2024, with payments expected within seven business days after the December 9 expiration date.

Positive

• High shareholder participation with both funds receiving more shares than offered (35% and 33.9% vs 25% target)
• Tender offers provide shareholders with liquidity at a minimal discount (99% of NAV)

Negative

• Prorated share acceptance due to oversubscription means shareholders cannot fully exit their positions
• 1% discount to NAV represents a cost to tendering shareholders

News Market Reaction

-1.13%

1 alert

-1.13% News Effect

On the day this news was published, VTN declined 1.13%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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 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  |  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.

FAQ

What was the tender offer size for Invesco Trust for Investment Grade New York Municipals (VTN)?

The tender offer was for up to 4,869,438 shares, representing 25% of VTN's outstanding common shares.

How many shares were tendered in the Invesco Pennsylvania Value Municipal Income Trust (VPV) offer?

Approximately 8,073,690 shares, or 33.9% of VPV's outstanding common shares, were tendered.

What is the purchase price for the tendered shares in both Invesco funds?

The shares will be purchased at 99% of each fund's net asset value as of December 10, 2024.

When will shareholders receive payment for their tendered shares in the Invesco (IVZ) funds?

Payments are expected to be sent within approximately seven business days after the December 9, 2024 expiration date.