The notes, which are senior unsecured obligations of the operating partnership that the Invesco guarantees payment of the amounts due on, have interest payable semi-annually on March 15 and Sept. 15 starting this September unless they are repurchased or exchanged before those dates as required.
Notes may be exchanged for shares of the company’s common stock at the applicable exchange rate any time prior to the close of business on the second scheduled trading day prior to the maturity date.
The initial exchange rate for each $1,000 aggregate principal amount of notes is 42.0893 shares of the company’s common stock. According to the company, this is equivalent to about $23.76 per share or approximately a 15% premium to the closing price of its common stock on March 6, the date of the initial purchase of $350 million in notes.
The operating partnership cannot redeem the notes prior to maturity.
