Invesco Ltd. (IVZ) Form 8-K — Oct 27, 2026
Invesco Ltd. entered into a Preferred Share Repurchase Agreement with MassMutual on October 23, 2026, and completed the repurchase of $1.5 billion of its 5.9% Series A perpetual preferred shares on October 26, 2026, paying MassMutual a 12.5% premium on the $1,000 per-share liquidation preference. To finance the repurchase, Invesco Finance, Inc. borrowed a $1.5 billion unsecured 5-year term loan arranged by Bank of America, Wells Fargo and Citibank, maturing October 26, 2031, bearing interest at Term SOFR plus 1.350% under current ratings, with 2.5% quarterly amortization beginning in year three.
Key figures
- Debt Amount
- 1500000000
- Interest Rate
- Term SOFR + 1.350% (SOFR-based, current ratings); base rate + 0.350%
- Maturity Date
- 2031-10-26
- Term loan tenor
- 5 years
- Cash netting provision
- up to $600 million
- Quarterly amortization
- 2.5% per quarter commencing third anniversary of Closing Date
- Leverage ratio covenant
- Debt/EBITDA not greater than 3.25:1.00 (up to 3.75:1.00 after >$500M acquisition)
- Max incremental capacity
- $2.0 billion
- Interest coverage covenant
- not less than 4.00:1.00
- Premium paid to massmutual
- 12.5% of $1,000 liquidation preference per share
- Massmutual common ownership
- approximately 18.5%
- Remaining massmutual preferred
- $1 billion aggregate liquidation preference
AI analysis
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