ATLANTA, Oct. 8, 2021 /PRNewswire/ -- Invesco Advisers,
Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ), announced today the
preliminary results of the previously announced tender offer for
Invesco Dynamic Credit Opportunities Fund (NYSE: VTA), (the
"Fund"). The tender offer expired at 11:59
p.m., New York City time,
on Thursday, October 7, 2021 (the
"Expiration Date").
The Fund conducted 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. Based on current information, approximately 32,822,242
common shares, or approximately 52.12% of the Fund's common shares
outstanding, were tendered through the Expiration Date.
Because the number of shares tendered exceeded 12,596,028 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 the Fund's common shares validly tendered
and accepted pursuant to the tender offer will be announced at a
later date. The Fund expects to make cash payments for tendered and
accepted common shares at a price equal to 98.5% of the Fund's net
asset value as of the close of regular trading on the New York
Stock Exchange on Friday, October 8,
2021. Payment for common shares tendered and accepted is
expected to be sent to tendering shareholders within approximately
five business days after the Expiration Date.
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 of Trustees, and the
Board of Trustees 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.
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 $1.5 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.