) declared the pricing of senior notes worth $1 billion. The
notes will be issued in two parts - $600 million and $400 million
in aggregate principal amount.
The $600 million notes, which are set to mature on Jan 30, 2024
and carry an annual interest rate of 4.000%, are priced at
99.284% of the principal amount. The $400 million notes priced at
98.298% of the principal amount. These notes carry an interest
rate of 5.375% and are scheduled to mature on Nov 30, 2043.
For 4.000% senior notes, interest payment will be due on Jan 30
and Jul 30 every year, starting from Jul 30, 2014 and for the
5.375% senior notes, interest payment will be due on May 30 and
Nov 30 every year, starting from May 30, 2014. Invesco expects
the offering to close by Nov 12, 2013, subject to the fulfillment
of customary closing conditions.
Invesco will utilize the net proceeds from the offerings to repay
the whole or partial amount outstanding under their existing
credit facility, which stood at $788 million as of Sep 30, 2013.
The company has plans to utilize the remaining proceeds for
general corporate purposes.
As of Sep 30, 2013, cash and cash equivalents were $1.2 billion
and total assets stood at 13.8 billion.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, an arm of
Bank of America
), Citigroup Global Markets Inc., part of
), and Morgan Stanley & Co. LLC, part of
), are serving as the joint book-running managers of the senior
Invesco is a leading independent global investment management
company, with a diverse portfolio of services including equity,
fixed income, and balanced mutual funds to cater to its large
client base that includes institutions, corporations, public
entities, and foundations, among others.
Invesco currently holds a Zacks Rank #2 (Buy).
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