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Saba Capital Reaches Agreement With Invesco Dynamic Credit Opportunities Fund

Invesco Dynamic Credit Opportunities Fund to Commence Tender Offer and Reorganize into Interval Fund

NEW YORK–(BUSINESS WIRE)–Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that it has reached an agreement with Invesco Dynamic Credit Opportunities Fund (NYSE: VTA) (the “Fund”).

Under the terms of the agreement, Invesco Dynamic Credit Opportunities Fund will commence a cash tender offer for up to 20% of the Fund’s outstanding shares of common stock at a price per share equal to 98.5% of the Fund’s net asset value (“NAV”) per share (the “Tender Offer”). The Fund will repurchase shares tendered and accepted in the Tender Offer in exchange for cash.

Subsequent to the Tender Offer and with shareholder approval, the Fund will reorganize into a new shell interval fund (the “New Interval Fund”) created to acquire the assets and liabilities of the Fund. The New Interval Fund will conduct quarterly repurchase offers for 10% of the New Interval Fund’s then outstanding shares at NAV for each of the quarters ended March 2022 and June 2022, subject to certain contingencies described in the agreement. In addition, Saba has agreed to certain standstill covenants.

Saba is pleased to have reached this agreement through constructive engagement with the Fund’s board and Invesco Advisers,” said Paul Kazarian, Portfolio Manager at Saba. “We believe shareholders will benefit from the Tender Offer contemplated by the agreement, as it enables shareholders to tender their shares at a price close to the Fund’s net asset value, in addition to the reorganization into an interval fund.”

About Saba Capital

Saba Capital Management, L.P. is a registered investment adviser founded in 2009. Saba is a spin-out of a proprietary investing group founded by Boaz Weinstein at Deutsche Bank in 1998. Saba manages $3.3 billion across four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Saba’s investors are predominantly institutions and include public and corporate pension plans, endowments and foundations, family offices, banks and insurers, bank private wealth platforms, fund of funds and certain high net worth individuals.



Leah Jordan

Investor Relations



Gasthalter & Co.

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