Nuveen Intermediate Duration Municipal Term Fund Announces Intention to Redeem Preferred Shares
Nuveen Intermediate Duration Municipal Term Fund Announces Intention to Redeem Preferred Shares
NEW YORK--(BUSINESS WIRE)--The Nuveen Intermediate Duration Municipal Term Fund (NYSE: NID) has filed with the Securities and Exchange Commission a notice of intention to redeem the fund’s outstanding Series 2023 Adjustable Rate MuniFund Term Preferred Shares. The Adjustable Rate MuniFund Term Preferred Share redemption price will be the $100,000 liquidation preference per share, plus an additional amount representing the final accumulated dividends owed. The Fund expects to finance the Series 2023 Adjustable Rate MuniFund Term Preferred Share redemption with portfolio sales and cash on hand, and this redemption is contingent upon the completion of all aspects of such portfolio sales by the Fund, which may not occur as planned. Official notification of the redemption will be delivered to affected shareholders through The Depository Trust Company (DTC).
The Fund recently announced that the fund’s Board of Trustees has approved the liquidation of the Fund upon the fund’s originally scheduled termination date. NID intends to liquidate on or before March 31, 2023.
The details of the anticipated redemption of outstanding Adjustable Rate MuniFund Term Preferred Shares are as follows:
Fund & Common Share Symbol |
Share Amount |
Adjustable Rate MuniFund Term Preferred Share CUSIP |
Anticipated Redemption Date |
|||||||||
Nuveen Intermediate Duration Municipal Term Fund (NYSE: NID) |
Up to 1,750 |
670671403 |
By March 15, 2023 |
The address of the redemption and paying agent of the Adjustable Rate MuniFund Term Preferred Shares, Computershare Inc., is 150 Royall Street, Canton, Massachusetts 02021.
For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds or contact:
Financial Professionals:
800-752-8700
Investors:
800-257-8787
Media:
media-inquiries@nuveen.com
About Nuveen
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 $1.1 trillion in assets under management as of 31 Dec 2022 and operations in 27 countries. Its investment specialists 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.
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 herein 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:
- market developments;
- legal and regulatory developments; and
- other additional risks and uncertainties.
You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. 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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