Nuveen Closed-End Funds Complete Preferred Share Actions
January 29 2018 - 4:30PM
Business Wire
Nuveen AMT-Free Municipal Credit Income Fund (NYSE: NVG), Nuveen
California Quality Municipal Income Fund (NYSE: NAC) and Nuveen
Quality Municipal Income Fund (NYSE: NAD) have each completed the
issuance of MuniFund Preferred Shares (MFP Series A 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 the corresponding amounts of
newly issued MFP Series A Shares are as follows:
Fund Common
Share Ticker Preferred Series
Preferred Amount Number of Preferred
Shares Nuveen AMT-Free Municipal Credit Income Fund
NVG Series A $ 405,400,000
4,054 Nuveen California Quality Municipal Income Fund
NAC Series A $
320,000,000 3,200 Nuveen Quality Municipal Income
Fund NAD Series A $
607,000,000 6,070
Through the transactions, NVG refinanced its existing $240.4
million of Series 2018 Variable Rate MuniFund Term Preferred (VMTP)
and sold additional MFP Series A Shares totaling $165.0 million,
NAC refinanced its existing $145.0 million of Series 2019 VMTP and
sold additional MFP Series A Shares totaling $175.0 million, and
NAD refinanced its existing $407.0 million of Series 2018 VMTP and
sold additional MFP Series A Shares totaling $200.0 million. The
proceeds from the sale of the additional MFP Series A Shares will
be invested in accordance with each fund’s investment policies and
objectives.
The MFP Series A Shares of each fund were issued with terms
establishing an initial Variable Rate Mode and a term redemption
date of January 3, 2028. During the Variable Rate Mode, the
dividend rate will be set periodically based on a predetermined
formula. The MFP Series A Shares are preferred securities of each
fund and are senior, with priority in all respects, to the fund's
common shares in liquidation and as to payments of dividends.
No MFP Series A Shares have been registered under the Securities
Act of 1933 (the Securities Act) or any state securities laws.
Unless so registered, no MFP Series A 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.
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.
411247-INV-O-01/20
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version on businesswire.com: http://www.businesswire.com/news/home/20180129006181/en/
NuveenKristyna MunozPhone 254-644-1615Email
kristyna.munoz@nuveen.com
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