CHICAGO--(BUSINESS WIRE)--Nuveen Investments, Inc., a leading global provider of investment services to institutions as well as individual investors, today announced that the Board of Trustees for three Nuveen closed-end funds has approved plans for each fund to redeem outstanding preferred shares. Each of the funds has filed with the Securities and Exchange Commission a notice of intention to redeem a portion of its outstanding Variable Rate Term Preferred (VRTP) shares.
VRTP shares will be redeemed at their $100,000 liquidation preference per share, plus an additional amount representing the final accumulated dividend amounts owed. Each of the funds intend to finance their preferred share redemptions with undrawn capacity from existing borrowing facilities. Formal notice of the redemption will be delivered to preferred shareholders at a later date through The Depository Trust Company.
Each of the funds intending to redeem a portion of their preferred shares are as follows:
|Common Share||Number of VRTP Shares|
|Fund||Ticker||to Be Redeemed|
|Nuveen Floating Rate Income Fund||JFR||310|
|Nuveen Floating Rate Income Opportunity Fund||JRO||230|
|Nuveen Senior Income Fund||NSL||130|
The anticipated redemption date is March 29, 2016.
The address of the VRTP redemption and paying agent, Computershare Inc., is as follows: 250 Royall Street, Canton, Massachusetts 02021.
No VRTP shares have been registered under the Securities Act of 1933 (the “Securities Act”) or any state securities laws. Unless so registered, no VRTP 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 Investments, Inc. provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments, Inc. markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and independent investment subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments operates as a separate subsidiary within TIAA, which is a leading provider of financial services in the academic, research, medical, cultural and government fields. In total, Nuveen Investments, Inc. managed approximately $225 billion as of December 31, 2015. For more information, please visit the Nuveen Investments website at www.nuveen.com.
FORWARD LOOKING STATEMENTS
Certain statements made in this release are 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:
- having the cash on hand from existing borrowing facilities in an amount sufficient enough for each fund to redeem a portion of its VRTP shares;
- other 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 statement.
The Annual and Semi-Annual Reports and other regulatory filings of the Nuveen closed-end funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC’s web site at www.sec.gov and on Nuveen’s web site at www.nuveen.com and may discuss the above-mentioned or other factors that affect the Nuveen closed-end funds. The information contained on the SEC’s web site and our web site is not a part of this press release.