ATLANTA, Oct. 25, 2012 /PRNewswire/ -- Invesco Advisers, Inc. ("Invesco") announced today that Invesco Van Kampen Senior Income Trust (NYSE: VVR) (the "Trust") anticipates pricing and placing a private offering of Variable Rate Term Preferred Shares ("VRTP") pursuant to an offering exempt from registration under the Securities Act of 1933. VRTP are a variable rate form of preferred stock with a mandatory redemption date. The Trust currently anticipates closing the VRTP transaction in October 2012.
The Trust also anticipates the redemption of all of its outstanding auction rate cumulative preferred shares ("ARPS") at their liquidation preference (sometimes referred to as "at par"), together with accrued and unpaid dividends, if any, to the redemption date. These redemptions, which will total approximately $125,000,000 (excluding accrued and unpaid dividends, if any), are anticipated to be funded with cash and proceeds received from the issuance of VRTP. The Trust currently anticipates that the redemptions of ARPS will occur during November 2012.
The timing of the closing of the Trust's VRTP and redemption of ARPS may vary and is subject to a number of factors, including, but not limited to, the negotiation of definitive agreements, changes in interest rates and other market conditions, the willingness of buyers to purchase VRTP, the eligibility of collateral held by the Trust and the availability of attractive credit ratings, any of which may delay or prevent the closing of the Trust's offering of VRTP and redemption of the Trust's ARPS. Accordingly, the Trust's Board of Trustees will determine, based on the facts and circumstances applicable to the Trust at any particular time, when the Trust's VRTP offering and redemption of the Trust's ARPS will occur. There can be no assurance that all or any portion of the Trust's ARPS will be redeemed.
Invesco will keep market participants and shareholders informed of any material developments with the Trust via press releases and on Invesco's website at www.invesco.com/portal/site/us/news.
This information does not constitute an offer for sale of any securities or a solicitation of any proxy.
For more information, call 1-800-341-2929.
About Invesco Ltd. Invesco Ltd. is a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds and the subdistributor for its STIC Global Funds. Both Invesco Advisers, Inc. and Invesco Distributors, Inc. are wholly owned, indirect subsidiaries of Invesco Ltd.
Note: There is no assurance that a closed-end fund will achieve its investment objective. Shares are bought on the secondary market and may trade at a discount or premium to NAV. Regular brokerage commissions apply.