Invesco borrows $1.0 billion in term loans to repurchase $1.0 billion of preferred stock
Invesco and its subsidiary Invesco Finance, Inc. entered into a $1.0 billion unsecured term loan agreement with a syndicate of lenders led by Bank of America, N.A. as administrative agent, and the loans were fully drawn on May 16, 2025 to repurchase $1.0 billion of the company's 5.9% Series A preferred stock from MassMutual, which included a 15% premium. The company also entered into a five-year $2.5 billion unsecured revolving credit agreement that replaces its $2.0 billion facility, adding borrowing capacity while the new debt carries leverage and interest coverage covenants.
Key points
- Two term loans totaling $1.0 billion: $500 million due May 16, 2028 and $500 million due May 16, 2030
- Proceeds funded the repurchase of $1.0 billion of 5.9% preferred stock held by MassMutual; a 15% premium was paid on the $1,000 per share liquidation preference, and the repurchase was completed May 16, 2025
- $2.5 billion five-year revolving credit agreement due May 16, 2030, amending and restating the $2.0 billion facility that was scheduled to expire April 26, 2028
- Financial covenants require a Debt/EBITDA ratio of no more than 3.25:1.00 and interest coverage of at least 4.00:1.00
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:12 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 16, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.