-

Saba Capital Reaches Agreement with Two Invesco Closed-End Funds

Invesco Pennsylvania Value Municipal Income Trust and Invesco Trust for Investment Grade New York Municipals to Each Commence Cash Tender Offers for 25% of Their Shares at 99% of NAV

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.

Contacts

Longacre Square Partners
Charlotte Kiaie / Kate Sylvester, 646-386-0091
ckiaie@longacresquare.com / ksylvester@longacresquare.com

Industry:

Saba Capital Management, L.P.

NYSE:VPV
Release Versions
English

Contacts

Longacre Square Partners
Charlotte Kiaie / Kate Sylvester, 646-386-0091
ckiaie@longacresquare.com / ksylvester@longacresquare.com

More News From Saba Capital Management, L.P.

Saba Capital Responds to Impax Environmental Markets PLC’s Proposed Exit Tender Offer

LONDON--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), a significant shareholder of Impax Environmental Markets PLC (IEM:LSE) (“IEM” or the “Company”), today issued the following statement regarding IEM’s proposed Exit Tender Offer. “Contrary to its claims, Impax Asset Management is not a manager acting in the best interests of its investors. One only has to look at its track record of investor outflows, losses and mandate terminations...

Saba Capital and Cox Capital Partners Announce Commencement of Tender Offer for Shares of Blue Owl Capital Corporation II

NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, “Saba”) and Cox Capital Partners (“Cox”) (together with Saba, the “Purchasers”) today announced the commencement of a tender offer to purchase outstanding shares (“Shares”) of Blue Owl Capital Corporation II (“OBDC II”), a non-traded business development company with limited liquidity. The OBDC II offer (the “Tender Offer”) will commence on March 6, 2026, and will expire at 5:00 p.m. Eastern Time...

Saba Capital and Cox Capital Partners Announce Commencement of Tender Offer for Shares of Starwood Real Estate Income Trust

NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, “Saba”) and Cox Capital Partners (“Cox”) (together with Saba, the “Purchasers”) today announced the commencement of a tender offer to purchase outstanding shares (“Shares”) of Starwood Real Estate Income Trust (“SREIT”), a non-traded real estate fund with limited liquidity. The SREIT offer (the “Tender Offer”) will commence on March 5, 2026, and expire at 5:00 p.m. Eastern Time on April 25, 2026,...
Back to Newsroom