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
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.
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