Invesco Ltd. (IVZ): debt financing disclosed in 8-K

Invesco Ltd. (IVZ): debt financing — Invesco enters $1.0B term loan, upsizes credit facility to $2.5B; repurchases $1B preferred stock

Invesco Ltd.

Entered $1.0B unsecured term loan ($500M 3-yr, $500M 5-yr); proceeds used to buy back $1.0B of 5.9% Series A preferred stock from MassMutual at 15% premium.

Amended revolver to $2.5B (from $2.0B), maturing May 16, 2030; no prepayment fees.

Term loan pricing: SOFR + 1.125% (3-yr) or 1.250% (5-yr); revolver margin at 1.000% for SOFR loans.

Financial covenants: leverage ≤ 3.25x (can increase to 3.75x for acquisitions >$500M); interest coverage ≥ 4.00x.

Both facilities include a $600M netting provision for cash offsets in covenant calculation.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Invesco Ltd. incurred term loan of $1.0 billion Credit Agreement, $500 million 3-year term loan and a $500 million 5-year term loan with Bank of America, N.A., as administrative agent, and a syndicate of banks, financial institutions and other institutional lenders at (i) Term SOFR plus a SOFR related credit spread adjustment of 10 basis points pl maturing 3-Year Term Loan matures May 16, 2028; 5-Year Term Loan matures May 16, 2030.

Instrument: term loan
Principal: $1.0 billion Credit Agreement, $500 million 3-year term loan and a $500 million 5-year term loan
Counterparty: Bank of America, N.A., as administrative agent, and a syndicate of banks, financial institutions and other institutional lenders
Rate: (i) Term SOFR plus a SOFR related credit spread adjustment of 10 basis points pl
Maturity: 3-Year Term Loan matures May 16, 2028; 5-Year Term Loan matures May 16, 2030
Event: incurrence

Exact text from the filing

On May 16, 2025 (the “ Closing Date ”), Invesco Ltd. (the “ Company ”) and its indirect subsidiary, Invesco Finance, Inc. (the “ Term Loan Borrower ”), entered into an unsecured $1.0 billion Credit Agreement (the “ Term Loan Agreement ”) with a syndicate of banks, financial institutions and other institutional lenders named therein, including Bank of America, N.A., as administrative agent. The Term Loan Agreement includes a $500 million 3-year term loan (the “ 3-Year Term Loan ”) and a $500 million 5-year term loan (the “ 5-Year Term Loan ”, and, together with the 3-Year Term Loan, collectively, the “ Term Loans ”), and are denominated in U.S. dollars.

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