Invesco Ltd. borrowed $1.5 billion via an unsecured five-year term loan from a syndicate led by Bank of America to finance the immediate repurchase of $1.5 billion in aggregate liquidation preference of its 5.9% Fixed Rate Non-Cumulative Perpetual Series A Preference Shares held by Massachusetts Mutual Life Insurance Company (MassMutual). The company paid MassMutual a premium of 12.5% on the $1,000 per share liquidation value. Following the transaction, MassMutual retains $1 billion in preferred stock and continues to hold approximately 18.5% of Invesco's common shares. The term loan bears interest at Term SOFR plus a margin of 1.350% or a base rate plus 0.350%, with amortization payments of 2.5% per quarter starting in the third year and full repayment due October 26, 2031. Invesco Ltd. is a global investment management firm.
