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Invesco Closed-end Funds Execute Preferred Share Refinancings

Stradley Ronon represented nine Invesco-sponsored municipal closed-end funds in connection with the extension of the term redemption date on approximately $1.95 billion in aggregate liquidation preference of the funds’ Variable Rate Muni Term Preferred Shares (VMTP Shares). In addition to the extensions, four of the funds sold in private placements additional VMTP Shares totaling $87.5 million in aggregate liquidation preference, and one of the funds redeemed $15 million worth of VMTP Shares.

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