Invesco Closed-End Funds Announce Redemptions of Auction Rate Preferred Shares at Par
HOUSTON, Dec. 7, 2011 /PRNewswire/ -- Invesco Advisers, Inc. ("Invesco") announced today that each of the Invesco tax-exempt closed-end funds listed below (the "Funds") plans to redeem a portion of its 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 are anticipated to be funded with proceeds received from the issuance of Tender Option Bonds ("TOBs").
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This redemption announcement follows the November 30, 2011 press release in which Invesco provided information regarding, among other things, refinancing of a portion of the Funds' preferred shares with the use of TOBs. The amount of ARPS being redeemed at this time varies by Fund and ranges from approximately 7 percent to approximately 10 percent of the original amount of ARPS issued for each Fund. The amount is also based on a number of factors, including the interests of the common shareholders, the availability of high quality municipal bonds at certain yield levels to be transferred to the TOBs trust structure and the ability to secure liquidity providers for the related put feature.
For this partial redemption, The Depository Trust Company ("DTC"), the securities' holder of record, will determine how the partial series redemptions will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn will determine how redeemed shares are to be allocated among its underlying beneficial owners. The procedures used by various broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.
Following is a redemption schedule for each fund:
Invesco Insured Municipal Income Trust (NYSE: IIM)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
| 1 |
461-32P-207 |
28 |
$1,400,000 |
February 6, 2012 |
| 2 |
461-32P-306 |
63 |
$3,150,000 |
February 6, 2012 |
| 3 |
461-32P-405 |
70 |
$3,500,000 |
February 6, 2012 |
| 4 |
461-32P-504 |
28 |
$1,400,000 |
February 6, 2012 |
| 5 |
461-32P-603 |
28 |
$1,400,000 |
February 6, 2012 |
Invesco Insured Municipal Bond Trust (NYSE: IMC)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
|
|
461-30Y-200 |
42 |
$2,100,000 |
February 2, 2012 |
Invesco Insured Municipal Trust (NYSE: IMT)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
| TH |
461-32W-202 |
126 |
$6,300,000 |
February 3, 2012 |
| TU |
461-32W-301 |
56 |
$2,800,000 |
February 1, 2012 |
Invesco Municipal Premium Income Trust (NYSE: PIA)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
| A |
461-33E-201 |
20 |
$2,000,000 |
January 25, 2012 |
| B |
461-33E-300 |
20 |
$2,000,000 |
January 25, 2012 |
| C |
461-33E-409 |
20 |
$2,000,000 |
January 25, 2012 |
| D |
461-33E-508 |
20 |
$2,000,000 |
January 25, 2012 |
| E |
461-33E-607 |
20 |
$2,000,000 |
January 25, 2012 |
Invesco Quality Municipal Income Trust (NYSE: IQI)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
| 1 |
461-33G-206 |
112 |
$5,600,000 |
January 25, 2012 |
| 2 |
461-33G-305 |
40 |
$2,000,000 |
January 26, 2012 |
| 3 |
461-33G-404 |
112 |
$5,600,000 |
January 26, 2012 |
| 4 |
461-33G-503 |
112 |
$5,600,000 |
January 26, 2012 |
| 5 |
461-33G-602 |
40 |
$2,000,000 |
January 27, 2012 |
Invesco Quality Municipal Investment Trust (NYSE: IQT)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
| A |
461-33H-204 |
140 |
$7,000,000 |
February 1, 2012 |
| B |
461-33H-303 |
70 |
$3,500,000 |
February 3, 2012 |
Invesco Quality Municipal Securities (NYSE: IQM)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
| 1 |
461-33J-200 |
34 |
$1,700,000 |
January 31, 2012 |
| 2 |
461-33J-309 |
30 |
$1,500,000 |
February 1, 2012 |
| 3 |
461-33J-408 |
30 |
$1,500,000 |
February 2, 2012 |
| 4 |
461-33J-507 |
60 |
$3,000,000 |
January 31, 2012 |
| 5 |
461-33J-606 |
40 |
$2,000,000 |
January 31, 2012 |
Invesco California Insured Municipal Income Trust (NYSE: IIC)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
| 1 |
461-30L-208 |
14 |
$700,000 |
January 17, 2012 |
| 2 |
461-30L-307 |
28 |
$1,400,000 |
January 17, 2012 |
| 3 |
461-30L-406 |
35 |
$1,750,000 |
January 17, 2012 |
| 4 |
461-30L-505 |
14 |
$700,000 |
January 17, 2012 |
Invesco California Quality Municipal Securities (NYSE: IQC)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
| 1 |
461-30M-206 |
18 |
$900,000 |
January 17, 2012 |
| 2 |
461-30M-305 |
17 |
$850,000 |
January 19, 2012 |
| 3 |
461-30M-404 |
42 |
$2,100,000 |
January 17, 2012 |
Invesco New York Quality Municipal Securities (NYSE: IQN)
| Series |
CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date |
| 1 |
461-33F-208 |
18 |
$900,000 |
January 10, 2012 |
| 2 |
461-33F-307 |
15 |
$750,000 |
January 13, 2012 |
Invesco will keep market participants and shareholders informed of material developments in the Funds' progress to redeem ARPS via press releases and on Invesco's website at www.invesco.com/portal/site/us/news.
For more information, call 1-800-341-2929.
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
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