Invesco Advisers, Inc. Shares Update on Tender Offers for Two Municipal Trust Funds

Invesco Advisers, Inc., a well-known subsidiary of Invesco Ltd., has recently released the preliminary results of its tender offers for the Invesco Trust for Investment Grade New York Municipals and the Invesco Pennsylvania Value Municipal Income Trust. These updates are significant for current and prospective investors considering engaging with these specific funds.

On December 10, 2024, Invesco Advisers disclosed that the tender offers for both funds had officially expired at 11:59 PM New York City time on December 9, 2024. According to the latest information published, the Invesco Trust for Investment Grade New York Municipals conducted a cash tender offer for up to 4,869,438 of its outstanding common shares. This figure represents approximately 25% of the fund's total common shares. Interestingly, about 6,818,415 shares, correlating to roughly 35% of the Fund's common shares, were tendered before the expiration date.

Given that the tendered shares exceeded the maximum number offered for redemption, Invesco highlighted an important procedural step: the redemption of shares will adhere to a prorated basis. This means that shareholders will only see a partial fulfillment of their tenders based on the amount each has submitted.

Similarly, the Invesco Pennsylvania Value Municipal Income Trust announced a tender offer for up to 5,957,386 common shares, also accounting for approximately 25% of its total shares. In this case, roughly 8,073,690 common shares were tendered, representing 33.9% of the available shares. Again, since the total tendered exceeded the offered amount, proration will apply here as well.

Investors in both funds are awaiting further communication regarding the final number of shares successfully tendered and accepted, which is expected to be officially announced in the near future. It is crucial for shareholders to keep an eye on this update to understand their positions more clearly.

Both funds anticipate cash payments for the accepted shares at a price that is expected to be set at 99% of each fund’s net asset value as determined at the close of regular trading on the New York Stock Exchange on December 10, 2024. Shareholders can expect to receive their payments approximately seven business days after the tender offer’s expiration.

Invesco, as an independent investment management firm, has continuously aimed to provide investors with a diverse set of investment opportunities. The company managed a significant $1.8 trillion in assets as of September 30, 2024, showcasing its formidable presence in the investment landscape. With operations spread across more than 20 countries, Invesco’s dedication to empowering investors stands at the core of its mission.

For more detailed inquiries or to clarify any specific points regarding these recent updates, investors can reach out through the provided contact numbers or visit Invesco's official website.

As the financial markets continue to evolve, staying informed about updates like these is vital for making well-informed investment decisions. The transparency demonstrated by Invesco in communicating the results of their tender offers could serve as a guiding light for investor confidence in the firm and its offerings going forward.