By Stephanie N. Rotondo
Seattle, June 1 – Nuveen Enhanced Municipal Credit Opportunities Fund privately placed $336 million of variable rate MuniFund term preferreds, according to a press release on Wednesday.
The placement was done to exchange existing VMTP shares maturing July 1, 2019. Additionally, the fund sold $255 million more of the preferreds than were exchanged. Those proceeds will be used for investments in accordance with the fund’s policies.
Dividends are set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index.
The fund is managed by Chicago-based Nuveen Investments.
| Issuer: | Nuveen Enhanced Credit Opportunities Fund
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| Securities: | Variable rate MuniFund term preferred stock
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| Amount: | $336 million
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| Stock symbol: | NYSE: NZF
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