NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), today announced that it has entered into a standstill agreement with each of the following funds advised by Invesco Advisers, Inc.: Invesco Pennsylvania Value Municipal Income Trust (NYSE: VPV) and Invesco Trust for Investment Grade New York Municipals (NYSE: VTN) (collectively, the “Invesco Funds”).
Under the terms of the agreements, the Invesco Funds will each commence tender offers to purchase a maximum of 25% of their outstanding common shares in cash. The tender offers provide all shareholders the opportunity to tender some or all of their common shares at a price equal to 99% of the Invesco Funds’ net asset value per share as determined as of the close of the regular trading session of the New York Stock Exchange on the next trading day after the expiration or closing date of the tender offers, or, if the tender offers are extended, on the next trading day after the day to which the tender offers are extended. The tender offers shall be commenced no earlier than October 31, 2024, and no later than November 8, 2024.
The terms of the agreements also provide for Saba rescinding its proposal to nominate candidates to serve on the Invesco Funds’ Boards of Trustees (the “Boards”) and voting in accordance with the Boards’ recommendations on matters submitted to shareholders during its standstill period. Pursuant to the agreements, Saba has also agreed to tender all of its common shares of the Invesco Funds in the tender offers.
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba is headquartered in New York City. Learn more at www.sabacapital.com.