By Sarah Lizee
Olympia, Wash., Oct. 24 – Nuveen Short Duration Credit Opportunities Fund issued $100 million of taxable fund preferred shares in a private placement, according to a press release.
The fund will use the net proceeds from the 100,000 of shares along with cash already held by the fund to redeem all of its outstanding series 2020 term preferred shares and to reduce borrowings under its credit facility.
The new preferred shares were issued with terms establishing an initial variable rate remarketed mode and a term redemption date of Nov. 1, 2029.
During the variable rate remarketed mode, the dividend rate will be set daily by the remarketing agent, and the preferred shares may be tendered by holders for remarketing by the remarketing agent.
The Chicago-based fund is a closed-end diversified investment management company.
| Issuer: | Nuveen Short Duration Credit Opportunities Fund
|
| Issue: | Taxable fund preferred shares
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| Amount: | $100 million
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| Maturity: | Nov. 1, 2029
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| Dividend: | Variable
|
| Distribution: | Private placement
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