By Stephanie N. Rotondo
Seattle, Dec. 22 – Nuveen Floating Rate Income Fund sold $55 million of $1,000-par 4% series 2027 term preferred shares, the company said in a regulatory filing with the Securities and Exchange Commission on Thursday.
Morgan Stanley & Co. LLC is the bookrunner.
The dividend is fixed at 4% to but excluding Jan. 1, 2027, the maturity date for the preferred shares.
Dividends will be payable monthly.
The preferreds become optionally redeemable on Jan. 1, 2018, subject to make-whole premium of 0.50%.
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.
| Issuer: | Nuveen Floating Rate Income Fund
|
| Securities: | Series 2027 term preferreds
|
| Amount: | $55 million, or 55,000 shares
|
| Maturity: | Jan. 1, 2027
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Dividend: | 4%
|
| Price: | Par of $1,000
|
| Yield: | 4%
|
| Call options: | On or after Jan. 1, 2018 at par plus accrued dividends and a 0.50% make-whole premium
|
| Pricing date: | Dec. 19
|
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