HOUSTON, Nov. 30, 2011 /PRNewswire/ -- Invesco
Advisers, Inc. today announced that the Boards of Trustees (the
"Board") of the Invesco Van Kampen tax-exempt closed-end funds (the
"Redeeming Funds") have approved a plan to redeem all of the
Redeeming Funds' outstanding auction rate preferred shares ("ARPS")
at their respective liquidation preferences (sometimes referred to
as "at par"), together with accrued and unpaid dividends, if any,
to the redemption date. These redemptions, which will total
approximately $1,664,750,000
(excluding dividends), are anticipated to be funded with proceeds
received from the issuance of Variable Rate Munifund Term Preferred
Shares ("VMTPS") and Tender Option Bonds ("TOBs"). VMTPS are
a variable rate form of preferred stock with a mandatory redemption
date.
Invesco is currently in active negotiations with various banks
regarding the prospective issuance of VMTPS and TOBs. The
timing of each Redeeming Fund's replacement of ARPS with VMTPS and
TOBs 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 VMTPS and TOBs, the eligibility of collateral
held by the Redeeming Funds and the availability of attractive
credit ratings, any of which may delay or prevent redemption of a
Redeeming Fund's ARPS. Invesco and the Boards currently are
targeting the redemptions to occur in the first half of 2012.
However, definitive agreements regarding these transactions have
not yet been entered into and there can be no assurance that all or
any portion of any Redeeming Fund's ARPS will be redeemed.
Accordingly, the Board of each Redeeming Fund will determine, based
on the facts and circumstances applicable to each Redeeming Fund at
any particular time, when redemption of each Redeeming Fund's ARPS
will occur.
Invesco will keep market participants and shareholders informed
of material developments in the Redeeming Funds' progress to redeem
ARPS via press releases and on Invesco's website at
www.invesco.com/portal/site/us/news.
Approval of Invesco Van Kampen Fund Redomestications and
Mergers
Invesco today announced that the Boards of the Invesco Van
Kampen closed-end funds have approved the redomestication of each
fund that is not currently a Delaware statutory trust into a Delaware statutory trust, the mergers of
certain closed-end funds outlined in the table below, and the
solicitation of shareholder votes to approve these proposed
transactions. Shareholder meeting dates, voting information and
other details regarding the proposed fund redomestications and
mergers will be included in subsequent communications and on
Invesco's website at www.invesco.com/portal/site/us/news.
Proposed Closed-End Fund Mergers
Target Fund Name
|
Surviving Fund
Name
|
Invesco High Yield
Investments Fund, Inc. (MSY)
|
Invesco Van Kampen High
Income Trust II (VLT)
|
Invesco California Insured
Municipal Income Trust (IIC)
|
Invesco Van Kampen
California Value Municipal Income Trust (VCV)
|
Invesco California Quality
Municipal Securities (IQC)
|
Invesco Van Kampen
California Value Municipal Income Trust (VCV)
|
Invesco Insured California
Municipal Securities (ICS)
|
Invesco Van Kampen
California Value Municipal Income Trust (VCV)
|
Invesco Municipal Premium
Income Trust (PIA)
|
Invesco Van Kampen
Municipal Opportunity Trust (VMO)
|
Invesco Van Kampen Select
Sector Municipal Trust (VKL)
|
Invesco Van Kampen
Municipal Opportunity Trust (VMO)
|
Invesco Van Kampen Trust
for Insured Municipals (VIM)
|
Invesco Van Kampen
Municipal Opportunity Trust (VMO)
|
Invesco New York Quality
Municipal Securities (IQN)
|
Invesco Van Kampen Trust
for Investment Grade New York Municipals (VTN)
|
Invesco Van Kampen
Massachusetts Value Income Trust (VMV)
|
Invesco Van Kampen
Municipal Trust (VKQ)
|
Invesco Van Kampen Ohio
Quality Municipal Trust (VOQ)
|
Invesco Van Kampen
Municipal Trust (VKQ)
|
Invesco Van Kampen Trust
for Investment Grade New Jersey Municipals (VTJ)
|
Invesco Van Kampen
Municipal Trust (VKQ)
|
The proposed redomestications and mergers remain subject to
certain conditions, including approval by shareholders of the funds
and customary closing conditions. Each fund participating in
a redomestication or a merger will file a definitive proxy
statement with the Securities and Exchange Commission (the "SEC").
These proxy statements will also include prospectuses for the funds
listed above as surviving funds. All shareholders are advised to
read the definitive proxy statements in their entirety when they
become available because they will contain important information
regarding the funds, the Board's considerations in recommending the
redomestications and the mergers, the identity of the participants
in the solicitation, and a description of any interest of those
persons in the transactions and related matters.
Definitive proxy statements are expected to be mailed to fund
shareholders during the first half of 2012. Shareholders may obtain
a free copy of the definitive proxy statements when available,
along with other documents filed by the funds with the SEC, at the
SEC's website at http://www.sec.gov. In addition, copies of the
definitive proxy statements, once available, may be obtained, free
of charge, by directing a request to Invesco via mail to 11
Greenway Plaza, Suite 2500, Houston,
TX 77046 or via phone to 800 959 4246.
Each fund also files annual and semi-annual reports and other
information with the SEC. You may read and copy any reports,
statements, or other information filed by a fund at the SEC's
public reference room at 100 F Street, N.E., Washington, D.C., 20549. Please call the SEC
at 1 800 SEC 0330 for further information on the public reference
room. Filings made with the SEC by a fund are also available to the
public from commercial document-retrieval services and at the
website maintained by the SEC at http://www.sec.gov.
The foregoing is not an offer for sale of any securities nor a
solicitation of any proxy.
About Invesco
Invesco is a leading independent global investment manager,
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 company 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 are wholly owned,
indirect subsidiaries of Invesco Ltd. The information contained
herein may include forward looking statements about the Funds'
capital structure changes and transactions. These statements
provide no assurances as to the outcome of the changes or
transactions or as to whether they will, in fact, be
consummated.
NOT FDIC INSURED, MAY LOSE VALUE, OFFER NO BANK
GUARANTEE
SOURCE Invesco