Invesco Advisers Completes Tender Offers for Municipal Trusts with Results from New York and Pennsylvania
Invesco Advisers, Inc., a prominent subsidiary of Invesco Ltd. listed under NYSE as IVZ, has recently made headlines by announcing the completion of its tender offers for Invesco Trust for Investment Grade New York Municipals (known by its ticker symbol VTN) and Invesco Pennsylvania Value Municipal Income Trust (VPV). As of December 9, 2024, the tender offers officially closed at 11:59 PM Eastern Time, showcasing significant participation from shareholders in both funds.
For Invesco Trust for Investment Grade New York Municipals, the firm sought to repurchase up to 4,869,438 of its outstanding common shares, which accounts for approximately 25% of its total outstanding shares. Interestingly, the results indicated that a total of about 6,818,415 common shares were tendered, translating to roughly 35% of the fund's shares. This overwhelming response demonstrates robust shareholder interest in participating in the tender offer.
After careful consideration and based on the calculations provided by Computershare Trust Company, the depositary agent, it was confirmed that the fund would purchase 4,869,438 shares at a price of $11.87 each. This price reflects 99% of the fund's net asset value (NAV) of $11.99, obtained at the close of trades on December 10, 2024, precisely a day after the expiration. Since the total shares tendered exceeded the offered shares, a proration process was initiated. Ultimately, 71.42% of the shares tendered will be accepted for cash payment, ensuring fair distribution among shareholders.
In a similar vein, Invesco Pennsylvania Value Municipal Income Trust also launched a tender offer—this time for an even larger share count of up to 5,957,386, again representing 25% of the total shares. The shareholder engagement remained consistently high, with approximately 8,073,690 common shares submitted, around 33.9% of all outstanding shares. The firm agreed to repurchase these at a price of $11.69 per share, aligning closely with the NAV of $11.81 as of the pricing date, December 10, 2024. Following the proration, it was determined that 73.79% of the shares tendered would qualify for payment.
This recent activity has significant implications for the shareholders of the respective funds. Following these transactions, Invesco Trust for Investment Grade New York Municipals will maintain approximately 14,608,315 common shares still outstanding, while Invesco Pennsylvania Value Municipal Income Trust will hold around 17,872,158 shares.
For investors with inquiries regarding their participation or any further details, Invesco has stated that they can reach out at 1-800-341-2929. Additionally, for media inquiries, a contact email is provided to facilitate communication and further discussion.
Invesco Ltd. is considered a leading independent investment management firm, giving it a global outreach. Their commitment to offer unique investment experiences is evident from their diverse range of investment strategies including active, passive, and alternative investment solutions. The firm manages a staggering $1.8 trillion in assets across the globe, underscoring their capability to cater to a vast array of clients. With operations spanning more than 20 countries, Invesco focuses on helping investors achieve their financial objectives through well-crafted, diversified strategies.
With their integrated approach to investment management and strong fund performance, Invesco continues to solidify its position within the financial industry, constantly addressing the needs of both individual and institutional investors. The progress seen from their recent tender offerings reiterates their commitment to offering transparency and value to their shareholders, making it a critical point of interest for the investment community.
Tender Offer Overview
For Invesco Trust for Investment Grade New York Municipals, the firm sought to repurchase up to 4,869,438 of its outstanding common shares, which accounts for approximately 25% of its total outstanding shares. Interestingly, the results indicated that a total of about 6,818,415 common shares were tendered, translating to roughly 35% of the fund's shares. This overwhelming response demonstrates robust shareholder interest in participating in the tender offer.
After careful consideration and based on the calculations provided by Computershare Trust Company, the depositary agent, it was confirmed that the fund would purchase 4,869,438 shares at a price of $11.87 each. This price reflects 99% of the fund's net asset value (NAV) of $11.99, obtained at the close of trades on December 10, 2024, precisely a day after the expiration. Since the total shares tendered exceeded the offered shares, a proration process was initiated. Ultimately, 71.42% of the shares tendered will be accepted for cash payment, ensuring fair distribution among shareholders.
In a similar vein, Invesco Pennsylvania Value Municipal Income Trust also launched a tender offer—this time for an even larger share count of up to 5,957,386, again representing 25% of the total shares. The shareholder engagement remained consistently high, with approximately 8,073,690 common shares submitted, around 33.9% of all outstanding shares. The firm agreed to repurchase these at a price of $11.69 per share, aligning closely with the NAV of $11.81 as of the pricing date, December 10, 2024. Following the proration, it was determined that 73.79% of the shares tendered would qualify for payment.
Implications for Shareholders
This recent activity has significant implications for the shareholders of the respective funds. Following these transactions, Invesco Trust for Investment Grade New York Municipals will maintain approximately 14,608,315 common shares still outstanding, while Invesco Pennsylvania Value Municipal Income Trust will hold around 17,872,158 shares.
For investors with inquiries regarding their participation or any further details, Invesco has stated that they can reach out at 1-800-341-2929. Additionally, for media inquiries, a contact email is provided to facilitate communication and further discussion.
About Invesco Ltd.
Invesco Ltd. is considered a leading independent investment management firm, giving it a global outreach. Their commitment to offer unique investment experiences is evident from their diverse range of investment strategies including active, passive, and alternative investment solutions. The firm manages a staggering $1.8 trillion in assets across the globe, underscoring their capability to cater to a vast array of clients. With operations spanning more than 20 countries, Invesco focuses on helping investors achieve their financial objectives through well-crafted, diversified strategies.
With their integrated approach to investment management and strong fund performance, Invesco continues to solidify its position within the financial industry, constantly addressing the needs of both individual and institutional investors. The progress seen from their recent tender offerings reiterates their commitment to offering transparency and value to their shareholders, making it a critical point of interest for the investment community.
Topics Financial Services & Investing）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.