Saba Capital Enters into Standstill Agreement with Invesco High Income
June 17, 2019 at 04:40 pm EDT
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On June 14, 2019, Saba Capital Management, L.P. announced that it has entered into a standstill agreement with Invesco High Income Trust II and Invesco Advisers, Inc. whereby the standstill parties agreed, among other things, and subject to certain conditions, that the Board of Trustees of the Company would cause the Company to commence a tender offer to purchase for cash 20% of its outstanding common shares at a price per common share equal to 98.5% of the Company’s net asset value, subject to certain terms and conditions, with such tender offer to be completed not prior to December 1, 2019 and not later than January 1, 2020. In addition, Saba Capital stated that it has agreed to withdraw its proposed nominees to serve as trustees of the Company as well as its proposal seeking a shareholder vote regarding the classified board structure of the Company and agreed to tender all of its then-owned common shares of the Company in the tender offer.
Invesco High Income Trust II (the Trust) is a diversified, closed-end management investment company. The Trustâs investment objective is to provide its common shareholders high current income, while seeking to preserve shareholdersâ capital, through investment in a professionally managed, diversified portfolio of high-income producing fixed-income securities. Its product portfolio includes exchange-traded funds, mutual funds, unit trusts, variable insurance, closed-end funds and college savings. The Trust investment approaches includes ETF strategies, municipal capabilities, real estate, global liquidity, investment grade capabilities, CollegeBound 529, global equities, ESG investing, and fixed income. In normal market conditions, at least 65% of the Trustâs assets will be invested in fixed-income securities. The Trust may invest up to 35% of its total assets in securities. Invesco Advisers, Inc. is the investment advisor of the Trust.
INVESCO HIGH INCOME TRUST II 
