CHICAGO--(BUSINESS WIRE)--The Nuveen New York AMT-Free Quality Municipal Income Fund (NYSE: NRK) has successfully completed an $80.0 million offering of MuniFund Preferred Shares (MFP), Series A to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933.
The Fund will use the net proceeds from the sale of the MuniFund Preferred Shares (MFP), Series A to redeem all of its outstanding 15,800 Institutional MuniFund Term Preferred Shares, Series 2017, and to maintain the Fund’s leveraged capital structure. This action is part of Nuveen’s ongoing leverage management process.
The MFP shares were issued with terms establishing an initial Variable Rate Remarketed Mode and a term redemption date of May 1, 2047. During the Variable Rate Remarketed Mode, the dividend rate will be set daily by the remarketing agent, and the MFP Series A shares may be tendered for remarketing by the remarketing agent. The MFP 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 MFP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no MFP 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.
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 $906 billion in assets under management as of 3/31/17 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.
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of this press release.
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 sale of new preferred securities by the fund 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.