Three Nuveen Closed-End Funds Complete Preferred Share Exchange
26 Février 2018 - 10:15PM
Business Wire
Nuveen Intermediate Duration Municipal Term Fund (NYSE: NID),
Nuveen Intermediate Duration Quality Municipal Term Fund (NYSE:
NIQ) and Nuveen Municipal High Income Opportunity Fund (NYSE: NMZ)
have each completed an issuance of Adjustable Rate MuniFund Term
Preferred Shares (AMTP Shares) in a privately negotiated exchange
and private placement with a qualified institutional buyer, as
defined in Rule 144A under the Securities Act of 1933. The Funds
and their corresponding amounts of newly issued AMTP shares are as
follows:
Fund Common AMTP
Aggregate Number of
Share Series Liquidation Preferred
Ticker
Preference Shares Nuveen
Intermediate Duration Municipal Term Fund NID
Series 2023 $ 175,000,000 1,750
Nuveen Intermediate Duration Quality Municipal Term Fund
NIQ Series 2023 $ 55,000,000
550 Nuveen Municipal High Income Opportunity Fund
NMZ Series 2028 $
87,000,000 870
Through the transactions, NID has issued 1,750 Series 2023 AMTP
Shares in exchange for 1,750 Variable Rate MuniFund Preferred (VMTP
Shares); NIQ has issued 550 Series 2023 AMTP Shares in exchange for
550 VMTP Shares; and NMZ has issued 870 Series 2028 AMTP Shares in
exchange for 870 VMTP Shares. Following the transactions, none of
the Funds has any VMTP Shares outstanding.
The AMTP Shares have a liquidation preference of $100,000 per
share, and were issued with a term redemption date of March 31,
2023 for NID, June 30, 2023 for NIQ and March 1, 2028 for NMZ. The
dividend rate for the AMTP shares of each Fund will be set
periodically based on a predetermined formula, subject to
adjustment of the terms from time to time by agreement of each Fund
and the AMTP shareholders. The AMTP Shares are preferred securities
of each Fund and are senior, with priority in all respects, to each
Fund’s common shares in liquidation and as to payments of
dividends.
No AMTP Shares have been registered under the Securities Act of
1933 (the Securities Act) or any state securities laws. Unless so
registered, no AMTP Shares may be offered or sold in the United
States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities
laws. This press release is neither an offer to sell nor a
solicitation of an offer to buy any of these securities.
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive
range of outcome-focused investment solutions designed to secure
the long-term financial goals of institutional and individual
investors. Nuveen has $970 billion in assets under management as of
12/31/17 and operations in 16 countries. Its affiliates offer deep
expertise across a comprehensive range of traditional and
alternative investments through a wide array of vehicles and
customized strategies. For more information, please visit
www.nuveen.com.
The information contained on the Nuveen website is not a part of
this press release.
Nuveen Securities, LLC, member FINRA and SIPC.
FORWARD LOOKING STATEMENTS
Certain statements made or referenced in this release may be
forward-looking statements. Actual future results or occurrences
may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. These include,
but are not limited to:
- market developments;
- legal and regulatory developments;
and
- other additional risks and
uncertainties.
Nuveen and the closed-end funds managed by Nuveen and its
affiliates undertake no responsibility to update publicly or revise
any forward-looking statements.
434823-INV-O-02/20
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version on businesswire.com: http://www.businesswire.com/news/home/20180226006303/en/
NuveenKristyna Munoz, 254-644-1615kristyna.munoz@nuveen.com
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