The fund will use the proceeds to (1) redeem all 780 outstanding shares of its Series D Remarketed Preferred
Stock, liquidation preference $100,000 per share (CUSIP: 23325P500), an aggregate of $78 million, and (2) redeem all 602 outstanding shares of its Series E Remarketed Preferred
Stock, liquidation preference $100,000 per share (CUSIP: 23325P609), an aggregate of $60.
KTF has accepted for payment a total of 37,773 of its remarketed preferred
shares (approximately 95.
The Fund will use the proceeds to redeem all 1,300 outstanding shares of its Remarketed Preferred
Stock (RP), liquidation preference $50,000 per share (CUSIP: 23334J206).
A total of 37,773 of KTF's remarketed preferred
shares (approximately 95.
DNP's Auction Preferred Stock and Remarketed Preferred
Stock (CUSIPs 23325P856, 23325P872, 23325P500 and 23325P609) are now rated A1.
03% of KTF's outstanding remarketed preferred
shares had been tendered and approximately 86.
001 per share ("Preferred Stock"), having an aggregate liquidation preference of up to $200,000,000 (excluding accrued and unpaid dividends, fees and expenses)(the "Maximum Tender Amount"), consisting of (i) Preferred Stock, designated Remarketed Preferred
Stock, Series D ("Series D RP"), (ii) Preferred Stock, designated Remarketed Preferred
Stock, Series E ("Series E RP"), (iii) Preferred Stock, designated Auction Preferred Stock, Series TH ("Series TH APS"), and (iv) Preferred Stock, designated Auction Preferred Stock, Series F ("Series F APS" and, together with the Series D RP, the Series E RP and the Series TH APS, the "Preferred Shares").
Invesco") and the Boards of Trustees (the "Board") of each of the Invesco Van Kampen closed-end funds identified below (the "Funds") today announced that the Board has determined to reject the demands contained in the demand letters received by each Fund related to the Fund's redemption of auction rate preferred shares or remarketed preferred
This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell remarketed preferred
shares of KTF or auction rate preferred shares of KSM.
KTF's tender offer is conditioned upon at least 90% of its outstanding remarketed preferred
shares being validly tendered and not withdrawn.
19 billion to resolve auction market preferred securities (AMPS) and remarketed preferred
securities (RP) liquidity issues arising from the auction and remarketing failures caused by last year's credit market dislocations.
Cassidy was Managing Director of Bear Stearns, where he was credited with the development of multiple new products, including Currency Exchange Warrants (CEWs) and Remarketed Preferred
, and was also responsible for the new product planning and development group.