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Invesco Trust NY Inv Grade Muni (VTN) provides tax-exempt income through New York municipal bonds. This news hub offers investors timely updates on fund operations, portfolio changes, and market developments.
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Invesco Advisers has announced the final results of tender offers for two municipal funds. For Invesco Trust for Investment Grade New York Municipals (VTN), approximately 6.8M shares (35%) were tendered, with the fund accepting 4.9M shares (71.42% of tendered) at $11.87 per share, representing 99% of NAV. Post-purchase, VTN will have 14.6M shares outstanding.
For Invesco Pennsylvania Value Municipal Income Trust (VPV), about 8.1M shares (33.9%) were tendered, with the fund accepting 6M shares (73.79% of tendered) at $11.69 per share, also at 99% of NAV. After the purchase, VPV will have 17.9M shares outstanding.
Invesco Advisers announced the expiration of tender offers for two municipal funds: Invesco Trust for Investment Grade New York Municipals (VTN) and Invesco Pennsylvania Value Municipal Income Trust (VPV). For VTN, approximately 6,818,415 shares (35%) were tendered against an offer for 4,869,438 shares (25%). For VPV, about 8,073,690 shares (33.9%) were tendered against an offer for 5,957,386 shares (25%). Due to oversubscription, shares will be purchased on a prorated basis.
Both funds will make cash payments at 99% of their net asset value as of December 10, 2024, with payments expected within seven business days after the December 9 expiration date.
Invesco Advisers announced details of tender offers for two municipal funds: Invesco Trust for Investment Grade New York Municipals (NYSE: VTN) and Invesco Pennsylvania Municipal Income Trust (NYSE: VPV). Each Fund will conduct a cash tender offer for 25% of outstanding common shares at 99% of NAV. The offers will run from November 7 to December 9, 2024. If more shares are tendered than authorized, purchases will be made on a prorated basis. The tender offers are part of agreements with Saba Capital Management, which has agreed to certain standstill covenants. Both funds have recently traded at a discount to their NAV.
Saba Capital Management announced standstill agreements with Invesco Pennsylvania Value Municipal Income Trust (NYSE: VPV) and Invesco Trust for Investment Grade New York Municipals (NYSE: VTN). Under these agreements, both Invesco Funds will initiate cash tender offers for up to 25% of their outstanding shares at 99% of the net asset value (NAV). These offers will commence between October 31, 2024, and November 8, 2024. Shareholders can tender their shares at a price determined by the NAV on the next trading day after the offer’s expiration or extension. Saba will also withdraw its proposal to nominate candidates for the Invesco Funds’ Boards of Trustees and vote in line with the Boards' recommendations during the standstill period. Additionally, Saba has committed to tendering all its shares in the tender offers.
