Under the terms of the agreement, Invesco has acquired OppenheimerFunds with consideration to MassMutual and OppenheimerFunds employee shareholders consisting of approximately 81.9 million shares of Invesco common stock and approximately USD 4 billion in perpetual, non-cumulative preferred shares with a 21-year
non-call period and a fixed rate of 5.9%.
Under the terms of the agreement, Invesco will acquire OppenheimerFunds with consideration to MassMutual and OppenheimerFunds employee shareholders consisting of 81.9m shares of Invesco common equity and USD 4bn in perpetual, non-cumulative preferred shares with a 21-year
non-call period and a fixed rate of 5.9%.
The
non-call period for the refinancing notes will end in June 2019, and reinvestment period and stated maturities of the notes remain unchanged.
Under the terms of the agreement, Invesco will acquire OppenheimerFunds with consideration to MassMutual and OppenheimerFunds employees consisting of 81.9 million shares of Invesco common equity and $4 billion in perpetual, non-cumulative preferred shares with a 21-year
non-call period and a fixed rate of 5.9%.
The notes have a fixed coupon, and the notes will reset for the relevant swap rate after the initial
non-call period. The
non-call period is five years from the issue date.
The accrual term will be the five year
non-call period.
The CLO will have an approximately two-year reinvestment period and one-year
non-call period.
The shares will be callable at any time at the liquidation value of USD25.00 per share plus accrued dividends from and after the expiry of a five-year
non-call period on 11 September 2023.
Under the terms of the agreement, SemGroup has an option to acquire Alinda's interest prior to the fifth anniversary of closing, subject to a 24-month
non-call period. The call price is based on a predetermined fixed return on Alinda's investment, including capital contributions.
The transaction is structured to be dually compliant with both European and US risk-retention regulations, has a two-year
non-call period and four-year reinvestment period.