Nuveen New York AMT-Free Municipal Income Fund Issues VRDP Shares
23 Junio 2016 - 4:44PM
Business Wire
Nuveen, an operating division of TIAA Global Asset Management,
today announced that Nuveen New York AMT-Free Municipal Income Fund
(NYSE: NRK) has issued Variable Rate Demand Preferred Shares
(VRDP) through a private placement with qualified institutional
buyers, as defined in Rule 144A under the Securities Act of 1933.
The proceeds from the issuance will be used to permit NRK to invest
in additional municipal securities in accordance with its
investment objectives and policies and to pay costs associated with
the transaction.
VRDP issuance details are as follows:
Fund
Ticker
VRDP
Description
Shares
VRDP Issuance
Amount ($MM)
Liquidity
Provider
Nuveen New YorkAMT-Free MunicipalIncome
Fund
NRK
Series 5
1,750
$175.000
The Toronto-Dominion Bank
VRDP shares include a liquidity feature that allows holders of
VRDP to have their shares purchased by a liquidity provider in the
event that sell orders have not been matched with purchase orders
and successfully settled in a remarketing. These VRDP shares
qualify as equity for income tax purposes. This affords VRDP share
dividends the same tax treatment as the income on the fund's
underlying investments, notwithstanding VRDP terms that require the
fund to redeem VRDP shares still owned by the liquidity provider if
there are six months of continuous, unsuccessful remarketing.
VRDP dividends are set weekly at a rate established by the
fund's remarketing agent, subject to a maximum rate which will
increase over time in the event of an extended period of
unsuccessful remarketing.
No VRDP shares have been registered under the Securities Act of
1933 (the Securities Act) or any state securities laws. Unless so
registered, no VRDP 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 provides investment solutions designed to help secure the
long-term goals of individual investors and the advisors who serve
them. Through the investment expertise of leading asset managers
across traditional and alternative asset classes, Nuveen is
committed to delivering consultative guidance that aligns with
client needs. Funds are distributed by Nuveen Securities, LLC, a
subsidiary of Nuveen Investments, Inc. Nuveen is an operating
division of TIAA Global Asset Management. For more information,
please visit the Nuveen website at www.nuveen.com.
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;
- 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.
This notice is being provided pursuant to Regulation FD (Fair
Disclosure) to ensure that the fund’s common and preferred
shareholders have been informed of the fund’s issuance of VRDP.
17070-INV-O-06/17
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version on businesswire.com: http://www.businesswire.com/news/home/20160623006362/en/
NuveenKristyna Munoz(312) 917-8343kristyna.munoz@nuveen.com
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