Nuveen Closed-End Funds Contemplating New Preferred Share Actions
27 Setembro 2017 - 6:43PM
Business Wire
Each of Nuveen California Quality Municipal Income Fund (NYSE:
NAC), Nuveen Municipal Credit Income Fund (NYSE: NZF), Nuveen
California AMT-Free Quality Municipal Income Fund (NYSE: NKX), and
Nuveen AMT-Free Quality Municipal Income Fund (NYSE: NEA), as part
of an ongoing leverage management process, is contemplating, and
has received Board approval for, certain actions related to one or
more of each fund’s existing series of Variable Rate Demand
Preferred (VRDP) Shares and Institutional MuniFund Term Preferred
(iMTP) Shares, as applicable, as described below.
Common Preferred
Preferred Amount
Number of Contemplated
Action Share Type Series
Outstanding Preferred Ticker
Name
Shares NAC
VRDP 8
160,000,000 1,600
Designation of Special Rate Period NZF VRDP
1 268,800,000
2,688 Designation of Special Rate
Period NZF VRDP 2
262,200,000 2,622
Designation of Special Rate Period NKX VRDP
5 104,400,000
1,044 Redemption and new preferred
issuance NKX iMTP 2018
36,000,000 720
Redemption and new preferred issuance NEA VRDP
5 100,000,000
1,000 Designation of Minimum
Rate Periods
The contemplated transition of each of the Series 8 VRDP shares
of Nuveen California Quality Municipal Income Fund (NAC) and the
Series 1 VRDP shares and Series 2 VRDP shares of Nuveen Municipal
Credit Income Fund (NZF) from minimum (7-day) rate periods to a
special rate period of longer than 7 days will be conducted through
a mandatory remarketing of the VRDP shares from existing
institutional holders through a remarketing agent to other
institutional purchasers. During the special rate period, the VRDP
shares will not be remarketed by a remarketing agent or supported
by a liquidity provider.
Nuveen California AMT-Free Quality Municipal Income Fund (NKX)
contemplates fully redeeming the fund’s outstanding Series 5 VRDP
shares and Series 2018 iMTP shares with the proceeds of newly
issued MuniFund Preferred (MFP) shares in a Variable Rate
Remarketed Mode.
Nuveen AMT-Free Quality Municipal Income Fund (NEA) is
contemplating a transition of the fund’s Series 5 VRDP shares from
a special rate period of longer than 7 days to minimum (7-day) rate
periods. The transition will be conducted through a remarketing of
the VRDP shares from the existing institutional holder through a
remarketing agent to institutional purchasers. During the minimum
rate periods, the VRDP shares will be remarketed by a remarketing
agent, be subject to optional or mandatory tender events, and will
be supported by a liquidity provider.
To the extent each applicable fund elects to proceed with the
contemplated VRDP transitions described above, it will provide
existing holders of the applicable VRDP shares with advance notice
of the mandatory remarketings in accordance with the governing
documents of the VRDP shares. Existing holders of VRDP and iMTP
shares of Nuveen California AMT-Free Quality Municipal Income Fund
(NKX) will be provided notice of the redemption of those shares in
accordance with the governing documents of those shares. The
contemplated actions currently are expected to take place during
the fourth quarter of 2017; however, the timing and completion of
the contemplated actions by each fund are subject to market
conditions, as well as to reaching final agreement with purchasers,
and, for Nuveen AMT-Free Quality Municipal Income Fund (NEA), a
liquidity provider, and satisfaction of customary closing
conditions.
No preferred shares have been registered, or are expected to be
registered, under the Securities Act of 1933 (the Securities Act)
or any state securities laws. Unless so registered, preferred
shares may not 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 offers a comprehensive range of outcome-focused
investment solutions designed to secure the long-term financial
goals of institutional and individual investors. As the investment
management arm of TIAA, Nuveen has $929 billion in assets under
management as of 6/30/17 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, including the
successful rate period transition or sale of new preferred
securities, as applicable, by the funds identified in this press
release;
- 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.
269350-INV-O-09/19
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version on businesswire.com: http://www.businesswire.com/news/home/20170927006385/en/
NuveenKristyna Munoz, 254-644-1615kristyna.munoz@nuveen.com
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