Cases & Deals

Major financial institution purchases VMTP Shares in private placement by Invesco closed-end municipal bond funds

Clients Major financial institution

Jones Day represented a major financial institution in connection with the purchase of $419.3 million Variable Rate Municipal Term Preferred Shares (VMTP Shares) in a private placement by various Invesco closed-end municipal bond funds, the proceeds of which were used to redeem existing Auction Rate Preferred Shares of the issuing funds.

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