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Nuveen Floating Rate Income Fund selling $1,000-par 4% series 2027 term preferred stock
By Colin Hanner
Chicago, Dec. 16 – Nuveen Floating Rate Income Fund is offering $1,000-par 4% series 2027 term preferred shares, the company said in a prospectus filed with the Securities and Exchange Commission on Friday.
Morgan Stanley & Co. LLC is the bookrunner.
The dividend is fixed at 4% to but excluding Jan. 1, 2027, the redemption date for the preferred shares.
Dividends will be payable monthly.
The preferreds become optionally redeemable on Jan. 1, 2018, subject to payment of a 0.5% premium.
Proceeds will be used to repay a portion of the fund’s borrowing under its credit agreement.
The fund is managed by Chicago-based Nuveen Investments Inc.
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