NEW YORK--(BUSINESS WIRE)--As previously announced, shareholders of Nuveen Ohio Quality Municipal Income Fund (NYSE: NUO) and Nuveen Georgia Quality Municipal Income Fund (NYSE: NKG), and preferred shareholders of Nuveen Municipal Credit Income Fund (NYSE: NZF), have approved a proposal to merge the funds. The mergers will combine each of NUO and NKG into NZF. In connection with the mergers, NUO has filed with the Securities and Exchange Commission a notice of intention to redeem all of the fund’s outstanding Series 1 Variable Rate Demand Preferred Shares (VRDP) and NKG has filed with the Securities and Exchange Commission a notice of intention to redeem all of the fund’s outstanding Series 2028 Adjustable Rate MuniFund Term Preferred Shares (AMTP). The VRDP and AMTP redemption price will be the $100,000 liquidation preference per share, plus an additional amount representing the final accumulated dividends owed. The funds expect to finance the VRDP and AMTP redemptions with portfolio sales and cash on hand, and each redemption is subject to market conditions and the completion of any necessary portfolio sales by the funds, and they may not occur as planned. Official notification of the redemptions will be delivered to the holders of the VRDP shares of NUO and the AMTP shares of NKG through The Depository Trust Company (DTC).
The details of the anticipated redemption of all outstanding VRDP and AMTP shares of NUO and NKG, respectively, are as follows:
Fund & Common Share Symbol |
Share
|
Preferred Share
|
Anticipated
|
|||
Nuveen Ohio Quality Municipal Income Fund (NYSE: NUO) |
|
1,480 |
|
670980879 |
|
By April 14, 2023 |
Nuveen Georgia Quality Municipal Income Fund (NYSE: NKG) |
|
585 |
|
67072B875 |
|
By April 14, 2023 |
The address of the redemption and paying agent of the VRDP shares, The Bank of New York Mellon, is 240 Greenwich Street, 7E, New York, New York 10007.
The address of the redemption and paying agent of the AMTP shares, Computershare Inc., is 150 Royall Street, Canton, Massachusetts 02021.
The preferred shares intended for redemption have not been registered under the Securities Act of 1933 or any state securities laws, and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.
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 or referenced 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. As to each of NUO and NKG, these include, but are not limited to:
- market developments;
- the fund having the cash on hand or generating enough proceeds from the sale of portfolio securities sufficient to redeem the proposed amount of its outstanding preferred shares;
- 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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