NEW YORK--(BUSINESS WIRE)--The merger of the Nuveen Build America Bond Opportunity Fund (NYSE: NBD) into the Nuveen Build America Bond Fund (NYSE: NBB) was completed prior to the open of the New York Stock Exchange on November 19, 2018. As previously announced, the newly merged fund has been renamed Nuveen Taxable Municipal Income Fund and will continue to trade under the ticker NBB. In addition, NBB has eliminated its contingent term provision and has changed its principal investment policy from a policy of investing at least 80 percent of its assets in Build America Bonds to a policy of investing at least 80 percent of its assets in taxable municipal securities.
In the merger, NBB acquired substantially all of the assets and liabilities of NBD in a tax-free transaction and common shares of NBD were converted to newly-issued common shares of NBB in an amount equal to the aggregate net assets of NBD. The transaction was based upon the funds’ closing net assets on November 16, 2018. The exchange ratio at which common shares of NBD were converted to common shares of NBB is listed below:
|Nuveen Build America Bond Opportunity Fund (NBD)||1.07322841|
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 $988 billion in assets under management as of 9/30/18 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.