CHICAGO--(BUSINESS WIRE)--The Nuveen AMT-Free Quality Municipal Income Fund (NYSE: NEA) has successfully completed the transition of Series 5 Variable Rate Demand Preferred Shares (VRDP Series 5 Shares) from a special rate period of longer than 7 days to minimum (7-day) rate periods. This transition, in which the leverage of the fund remained unchanged, was made through a remarketing of the VRDP Series 5 Shares from the existing institutional holder through a remarketing agent to qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933 (the Securities Act).
During the minimum rate periods, the VRDP Series 5 Shares will be subject to optional tender by the holders for remarketing by a remarketing agent, will be subject to mandatory tender for remarketing events, and will be supported by a liquidity provider. The VRDP Series 5 Shares dividends are set weekly at a rate established by the fund's remarketing agent, subject to a maximum rate which will increase over time in the event of an extended period of unsuccessful remarketing. The VRDP Series 5 Shares are preferred securities of the Fund and are senior, with priority in all respects, to the fund's common shares in liquidation and as to payments of dividends.
No VRDP Series 5 Shares have been registered under the Securities Act or any state securities laws. Unless so registered, no VRDP Series 5 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 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 $948 billion in assets under management as of 9/30/17 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;
- 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.
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