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Invesco High Income 2023 Target Term Fund Enters into Repurchase Facility

ATLANTA, March 17, 2017 /PRNewswire/ -- Invesco Advisers Inc. ("Invesco") announced today that Invesco High Income 2023 Target Term Fund (the "Fund") has entered into a commercial mortgage backed securities ("CMBS") repurchase facility (the "Facility").  The Fund anticipates using the Facility as a form of leverage to seek to enhance its potential to produce a high level of current income and to return $9.835 per share to Common Shareholders on or about December 1, 2023 (the Fund's termination date).  The Facility will permit the Fund to engage in reverse repurchase agreement transactions in which the Fund will receive cash and will transfer CMBS to a bank in exchange for a simultaneous agreement by the bank to sell the CMBS back to the Fund at a future date, resulting in the Fund having access to additional cash to invest while maintaining its portfolio of investments.

The Facility will expose the Fund to interest rate risk, including the risk associated with financing fixed rate instruments with floating rate debt.  An increase in prevailing interest rates will result in increased costs associated with using the Facility.  Additionally, the use of leverage, such as the Facility, creates additional risks for Common Shareholders, including increased variability of the Fund's net asset value, net income and distributions in relation to market changes.  In particular, leverage increases the risk of price volatility. The Fund's use of leverage may not work as planned or achieve its goals. 

Both the anticipated amount of leverage utilized by the Fund and the costs of leverage associated with the Facility are projected to be lower than was expected at the Fund's launch. Invesco believes that by entering into the Facility, Invesco will enhance its ability to manage the Fund's portfolio in the best interests of shareholders and to meet the Fund's investment objectives. 

About Invesco Ltd. Invesco Ltd. is a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.

Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.  Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities.  Each entity is a wholly owned, indirect subsidiary of Invesco Ltd.

Note: There is no assurance that a closed-end fund will achieve its investment objective. Shares are bought on the secondary market and may trade at a discount or premium to NAV. Regular brokerage commissions apply.



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