Nuveen Preferred and Income 2022 Term Fund Announces Shareholder Proposal
20 Septiembre 2021 - 3:45PM
Business Wire
The Board of Trustees of Nuveen Preferred and Income 2022 Term
Fund (NYSE: JPT) has approved a proposal that will allow
shareholders the opportunity to maintain their investment in the
fund and its exposure to preferred securities. In light of the
upcoming scheduled termination of the fund on or before March 1,
2022, the proposal asks shareholders to vote to amend the fund’s
declaration of trust to eliminate the term structure. If the
amendment is approved by shareholders, the fund will conduct a
tender offer for 100% of its outstanding shares at net asset value.
If the fund’s common assets taking into account shares properly
tendered in the tender offer would be $70 million or greater, the
tender offer will be completed and the fund’s term structure will
be eliminated. If the fund’s common assets after the tender offer
would be less than $70 million, the tender offer will be cancelled
with no common shares repurchased and instead the fund will proceed
to terminate as scheduled.
As part of the proposal, if the fund’s term structure is
eliminated, the fund’s name will change to “Nuveen Preferred and
Income Fund” and the fund’s common shares will continue to trade on
the New York Stock Exchange under the current ticker symbol.
Additionally, the fund will be permitted to invest in contingent
capital securities and the fund’s target leverage ratio is expected
to increase, with the goal of improving the fund’s net earnings and
increasing monthly distributions for common shareholders. Nuveen
also intends to waive 50% of its net management fees over the first
year following elimination of the term, which will further enhance
the net earnings of the fund.
Each of the changes described above will take effect only if
shareholders approve the proposal described above and the tender
offer condition is satisfied.
More information on the proposal will be contained in proxy
materials expected to be filed in the near future.
Nuveen is a leading sponsor of closed-end funds (CEFs) with $65
billion of assets under management across 62 CEFs as of 30 June
2021. The funds offer exposure to a broad range of asset classes
and are designed for income-focused investors seeking regular
distributions. Nuveen has more than 30 years of experience managing
CEFs.
For more information, please visit Nuveen’s CEF homepage
www.nuveen.com/closed-end-funds.
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 $1.2 trillion in assets under management as
of 30 June 2021 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 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, including the timing of distributions and
other events identified in this press release;
- legal and regulatory developments;
- the ability to obtain requisite shareholder approval for the
proposal described herein;
- the number of shares tendered in response to the fund’s tender
offer; and
- other additional risks and uncertainties.
Nuveen and the closed-end funds sponsored by Nuveen undertake no
responsibility to update publicly or revise any forward-looking
statements.
IMPORTANT INFORMATION
In connection with the proposal discussed herein, the fund
expects to file with the Securities and Exchange Commission (“SEC”)
solicitation materials in the form of a proxy statement on Schedule
14A. Investors are urged to read the solicitation materials and any
other relevant documents when they become available because they
will contain important information about the proposal. After they
are filed, free copies of the solicitation materials will be
available on the SEC’s web site at www.sec.gov.
This communication is not a solicitation of a proxy from any
fund shareholder. However, the fund, Nuveen and certain of their
respective directors/trustees, officers and affiliates may be
deemed under the rules of the SEC to be participants in the
solicitation of proxies from shareholders in connection with the
proposal discussed herein. Information about the trustees and
officers of the fund may be found in the fund’s annual reports
previously filed with the SEC.
The tender offer referred to herein has not yet commenced, and
there is no certainly that such offer will be commenced or
completed. This press release is neither an offer to purchase nor a
solicitation of an offer to sell securities. The tender offer will
be made only through an offer to purchase and other related
materials that will be made available to fund shareholders and
filed with the SEC if and when the tender offer commences.
Shareholders and other investors are urged to read the tender offer
statement, the offer to purchase and the other related materials
when they become available because they will contain important
information. After they are filed, free copies of these materials
will be available on the SEC’s web site at www.sec.gov.
Fund shares are not guaranteed or endorsed by any bank or other
insured depository institution, and are not federally insured by
the Federal Deposit Insurance Corporation. Shares of closed-end
funds are subject to investment risks, including the possible loss
of principal invested. Past performance is no guarantee of future
results. Closed-end funds frequently trade at a discount to their
net asset value.
EPS-1838982PR-E0921X
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