Nuveen Closed-End Fund Completes Preferred Share Issuance
12 Mayo 2017 - 3:35PM
Business Wire
The Nuveen New York AMT-Free Quality Municipal Income Fund
(NYSE: NRK) has successfully completed an $80.0 million offering of
MuniFund Preferred Shares (MFP), Series A to “qualified
institutional buyers” as defined in Rule 144A under the Securities
Act of 1933.
The Fund will use the net proceeds from the sale of the MuniFund
Preferred Shares (MFP), Series A to redeem all of its outstanding
15,800 Institutional MuniFund Term Preferred Shares, Series 2017,
and to maintain the Fund’s leveraged capital structure. This action
is part of Nuveen’s ongoing leverage management process.
The MFP shares were issued with terms establishing an initial
Variable Rate Remarketed Mode and a term redemption date of May 1,
2047. During the Variable Rate Remarketed Mode, the dividend rate
will be set daily by the remarketing agent, and the MFP Series A
shares may be tendered for remarketing by the remarketing agent.
The MFP shares are preferred securities of each fund and are
senior, with priority in all respects, to each fund's common shares
in liquidation and as to payments of dividends.
No MFP shares have been registered under the Securities Act of
1933 (the Securities Act) or any state securities laws. Unless so
registered, no MFP 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.
About Nuveen
Nuveen offers a comprehensive range of outcome-focused
investment solutions designed to secure the long-term financial
goals of institutional and individual investors. As the investment
management arm of TIAA, Nuveen has $906 billion in assets under
management as of 3/31/17 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.
Securities offered through 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
successful sale of new preferred securities by the fund identified
in this press release;
- 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.
158725-INV-O-05/19
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NuveenKathleen
Cardoza312-917-7813kathleen.cardoza@nuveen.com
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