CHICAGO--(BUSINESS WIRE)--Nuveen Municipal Credit Income Fund (NYSE: NZF) has completed a $155.0 million issuance of Series B MuniFund Preferred Shares (MFP Series B Shares) in a private placement to a qualified institutional buyer, as defined in Rule 144A under the Securities Act of 1933. The proceeds from the sale of the MFP Series B Shares will be invested in accordance with the Fund’s investment policies and objectives.
The MFP Series B Shares were issued with terms establishing an initial Variable Rate Mode and a term redemption date of February 3, 2048. During the Variable Rate Mode, the dividend rate will be set periodically based on a predetermined formula, subject to adjustment of the terms from time to time by agreement of the Fund and the MFP Series B shareholders. The MFP Series B 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 MFP Series B Shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no MFP Series B 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, 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.
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.