ATLANTA, June 13,
2024 /PRNewswire/ -- Invesco Trust for Investment
Grade New York Municipals (VTN) and Invesco Pennsylvania Value
Municipal Income Trust (VPV) (each, a "Fund"; together, the
"Funds") announced today plans to commence tender offers.
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 not earlier than October 31,
2024 and not later than November 8,
2024. Each Fund will repurchase shares tendered and
accepted in the tender offer in exchange for cash. In the
event a tender offer is oversubscribed, shares will be repurchased
by the relevant Fund on a pro rata basis.
The commencement of the tender offer by each Fund results from a
Standstill Agreement with Saba Capital Management, L.P. ("Saba")
pursuant to which Saba has agreed to be bound by, and to cause
certain of its affiliates to comply with, certain standstill
covenants.
The Funds have been advised that Saba will file a copy of each
Agreement with the U.S. Securities and Exchange Commission ("SEC")
as an exhibit to its relevant Schedule 13D.
TENDER OFFER STATEMENT
The above statements are not intended to constitute an offer to
participate in a tender offer. Information about each Fund's
tender offer, including its commencement, will be announced through
future press releases. Shareholders of a Fund 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.
Each Fund's tender offer 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 a Fund should read the
relevant 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 Fund's tender
offer. These and other filed documents will be available to
investors for free both at the website of the SEC and from the
relevant Fund.
For investor inquires 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 $1.66
trillion in assets on behalf of clients worldwide as of
March 31, 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.