By Sarah Lizee
Olympia, Wash., Dec. 13 – Five Nuveen municipal closed-end funds issued adjustable-rate MuniFund term preferred shares in privately negotiated exchange offers and private placements, according to a news release.
Nuveen Quality Municipal Income Fund (NYSE: NAD) issued $337 million series 2028 preferreds and $208.5 million of series 2028-1 preferreds; Nuveen New York Quality Municipal Income Fund (NYSE: NAN) issued $147 million; Nuveen Minnesota Quality Municipal Income Fund (NYSE:NMS) issued $52.8 million; Nuveen Maryland Quality Municipal Income Fund (NYSE: NMY) issued $182 million; and Nuveen North Carolina Quality Municipal Income Fund (NYSE: NNC) issued $143.5 million.
In these transactions, each fund completed an exchange offer in which it refinanced its outstanding variable-rate MuniFund term preferreds with newly issued adjustable-rate MuniFund term preferreds shares with a term redemption date of Dec. 1, 2028.
The dividends will be set weekly using a predetermined formula.
The funds are distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments is a Chicago-based investment services company and an operating division of TIAA Global Asset Management.
| Issue: | Adjustable-rate MuniFund term preferred shares
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| Total amount: | $1,070,800,000
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| Term redemption date: | Dec. 1, 2028
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| Settlement date: | Dec. 13
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| Issuer: | Nuveen Quality Municipal Income Fund
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| Amount: | $337 million in series 2028, $208.5 million in series 2028-1
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| Issuer: | Nuveen New York Quality Municipal Income Fund
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| Amount: | $147 million
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| Issuer: | Nuveen Minnesota Quality Municipal Income Fund
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| Amount: | $52.8 million
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| Issuer: | Nuveen Maryland Quality Municipal Income Fund
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| Amount: | $182 million
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| Issuer: | Nuveen North Carolina Quality Municipal Income Fund
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| Amount: | $143.5 million
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