ATLANTA, Sept. 3, 2021 /PRNewswire/ -- Invesco
Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ), announced
today additional details of the previously announced tender offer
and reorganization for Invesco Dynamic Credit Opportunities Fund
(NYSE: VTA) (the "Fund").
REORGANIZATION
At the Fund's Annual Meeting of Shareholders held on
September 3, 2021, Fund shareholders
approved a proposal to reorganize the Fund into a newly created
closed-end interval fund (the "Interval Fund"). The
reorganization had previously been approved by the Fund's Board of
Trustees (the "Board").
The Interval Fund will offer four classes of shares (Class A,
Class AX, Class R and Class Y) and will provide liquidity to
shareholders in the form of quarterly repurchase offers. Fund
shareholders will receive Class AX shares of the Interval Fund
priced daily at the Interval Fund's net asset value ("NAV").
The Interval Fund will be managed with the same investment
objective and similar investment strategy as the Fund, all as
described in the proxy statement/prospectus, which has been filed
publicly. Shareholders should read the proxy/statement
prospectus as it contains important information about the
reorganization and the Interval Fund.
It is anticipated that the closing of the reorganization will
occur on or around October 2021
subject to the satisfaction of applicable regulatory requirements
and customary closing conditions.
TENDER OFFER
The Fund will conduct a tender offer for cash of up to
12,596,028 of the Fund's outstanding common shares of beneficial
interest ("common shares"), representing twenty percent of its
common shares.
The Fund's tender offer will commence on Wednesday, September 8, 2021, and will expire,
unless extended, at 11:59 p.m.,
New York City time, on
Thursday, October 7, 2021. Subject to
various terms and conditions described in offering materials to be
distributed to shareholders: (1) purchases will be made at a price
per share equal to 98.5% of the Fund's NAV per share as of the
close of trading on the next trading day after the expiration of
the offer; and (2) if more shares are tendered than the amount the
Board has authorized to purchase, the Fund will purchase a number
of shares equal to the offer amount on a prorated basis.
The Fund's common shares have recently traded at a discount to
its NAV per share. During the pendency of the tender offer, the
current NAV per share will be available by telephone at
1-800-341-2929 or on the Fund's website at www.invesco.com/us.
The Fund has implemented a managed distribution plan (the
"Plan") whereby the Fund will pay its monthly dividend to common
shareholders at a stated fixed monthly distribution amount of
$0.075 per share. The Plan is
intended to provide shareholders with a consistent, but not
guaranteed, periodic cash payment, regardless of when or whether
income is earned or capital gains are realized. If sufficient
investment income is not available for a monthly distribution, the
Fund will distribute long-term capital gains and/or return of
capital in order to maintain its managed distribution level under
the Plan. A return of capital may occur, for example, when some or
all of the money that shareholders invested in the Fund is paid
back to them. A return of capital distribution does not necessarily
reflect the Fund's investment performance and should not be
confused with "yield" or "income." No conclusions should be drawn
about the Fund's investment performance from the amount of its
distributions or from the terms of the Plan. The Plan will be
subject to periodic review by the Fund's Board, and the Board may
amend the terms of the Plan or terminate the Plan at any time
without prior notice to the Fund's shareholders. The amendment or
termination of the Plan could have an adverse effect on the market
price of the Fund's common shares.
TENDER OFFER STATEMENT
The above statements are not intended to constitute an offer
to participate in the tender offer. Further information about
the tender offer will be announced via future press releases.
Shareholders 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. The tender offer will be made only by an offer
to purchase, a related letter of transmittal, and other documents
to be filed with the Securities and Exchange Commission ("SEC").
Shareholders of the Fund should read the 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 tender offer. These and other filed documents
will be available to investors for free both at the website of the
SEC (www.sec.gov) and from the Fund.
_____________________________________
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.
Where to find additional information
In connection
with the reorganization, a definitive proxy statement/prospectus
was filed with the SEC. All shareholders are advised to read the
definitive proxy statement/ prospectus in its entirety because it
contains important information regarding the Fund, the Interval
Fund, the reorganization, the Board's considerations in
recommending the reorganization, the persons soliciting proxies in
connection with the reorganization and the interest of these
persons in the reorganization and related matters. Shareholders may
obtain a free copy of the definitive proxy statement/prospectus and
other documents filed by the Fund or the Interval Fund with the
SEC, including the Fund's most recent annual report to
shareholders, on the SEC's website at http://www.sec.gov, and
copies of this information may be obtained, after paying a
duplicating fee, by electronic request at the following e-mail
address: publicinfo@sec.gov. Copies of all of these documents may
be obtained upon request without charge by visiting the Invesco
website at invesco.com/us, or by writing to the Fund, at 1555
Peachtree Street, N.E., Atlanta,
GA 30309, or calling 1-800-341-2929.
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 $1.5 trillion in assets on behalf of clients
worldwide as of June 30, 2021. 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
CONTACT: Jeaneen Terrio
212-278-9205; Jeaneen.Terrio@invesco.com
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SOURCE Invesco Ltd.