Invesco Dynamic, Senior Income halt redeeming variable-rate preferreds

By Wendy Van Sickle

Columbus, Ohio, July 14 – Invesco Dynamic Credit Opportunities Fund and Invesco Senior Income Trust have halted the periodic redemptions of their variable rate term preferred shares (VRTPs), according to a press release.

The redemptions began May 1, with full redemption scheduled for Sept. 1. However, on Friday, each fund’s variable rate term preferred shares, with a liquidation preference of $75 million each, were transferred to a new holder.

Further, the board of trustees of each fund has approved an amended and restated statement of preferences for the VRTPs, which sets forth new terms that include a term redemption date of July 31, 2020.

Fund manager Invesco Advisers, Inc., an Atlanta-based investment management firm, believes “the leverage provided by the VRTPs will enhance its ability to manage each fund's portfolio in the best interests of shareholders and to meet each fund's investment objectives,” according to the release.

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