Company Website:
http://www.nuveen.com
NEW YORK -- (Business Wire)
Nuveen Quality Municipal Income Fund (NYSE:NAD), Nuveen New York Quality
Municipal Income Fund (NYSE: NAN), Nuveen Minnesota Quality Municipal
Income Fund (NYSE:NMS), Nuveen Maryland Quality Municipal Income Fund
(NYSE: NMY) and Nuveen North Carolina Quality Municipal Income Fund
(NYSE: NNC) have each completed one or more issuances of Adjustable Rate
MuniFund Term Preferred Shares (AMTP Shares) in privately negotiated
exchanges and private placements with qualified institutional buyers, as
defined in Rule 144A under the Securities Act of 1933. The Funds and
their corresponding amounts of newly issued AMTP shares are as follows:
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Fund |
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| Common |
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| AMTP |
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| Aggregate |
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| Number |
| | | | | | Share | | | | | | Series | | | | | | Liquidation | | | | | | of |
| | | | | | Ticker | | | | | | | | | | | | Preference | | | | | | Preferred |
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| Shares |
Nuveen Quality Municipal Income Fund
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NAD
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2028
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$337,000,000
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3,370
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Nuveen Quality Municipal Income Fund
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NAD
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2028-1
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$208,500,000
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2,085
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Nuveen New York Quality Municipal Income Fund
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NAN
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2028
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$147,000,000
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1,470
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Nuveen Minnesota Quality Municipal Income Fund
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NMS
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2028
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$52,800,000
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528
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Nuveen Maryland Quality Municipal Income Fund
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NMY
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2028
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$182,000,000
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1,820
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Nuveen North Carolina Quality Municipal Income Fund
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NNC
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2028
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$143,500,000
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1,435
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Through the transactions, NAD has issued 3,370 Series 2028 AMTP Shares
in exchange for 3,370 Series 2019 Variable Rate MuniFund Term Preferred
Shares, with a liquidation preference of $100,000 per share (VMTP
Shares), and 2,085 Series 2028-1 AMTP Shares in exchange for 2,085
Series 2019-1 VMTP Shares; NAN has issued 1,470 Series 2028 AMTP Shares
in exchange for 1,470 Series 2019 VMTP Shares; NMS has issued 528 Series
2028 AMTP Shares in exchange for 528 Series 2019 VMTP Shares; NMY has
issued 1,820 Series 2028 AMTP Shares in exchange for 1,820 Series 2019
VMTP Shares and NNC has issued 1,435 Series 2028 AMTP Shares in exchange
for 1,435 Series 2019 VMTP Shares. Following the transactions, none of
the Funds have any VMTP Shares outstanding.
The AMTP Shares have a liquidation preference of $100,000 per share, and
were issued with a term redemption date for each series of December 1,
2028. The dividend rate for the AMTP shares of each Fund will be set
periodically based on a predetermined formula, subject to adjustment of
the terms from time to time by agreement of each Fund and the AMTP
shareholders. The AMTP Shares are preferred securities of each Fund and
are senior, with priority in all respects, to each Fund’s common shares
in liquidation and as to payments of dividends.
No AMTP Shares have been registered under the Securities Act of 1933
(the Securities Act) or any state securities laws. Unless so registered,
no AMTP Shares may be offered or sold in the United States except
pursuant to an exemption from the registration requirements of the
Securities Act and applicable state securities laws. This press release
is neither an offer to sell nor a solicitation of an offer to buy any of
these securities.
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of
outcome-focused investment solutions designed to secure the long-term
financial goals of institutional and individual investors. Nuveen has
$988 billion in assets under management as of 9/30/18 and operations in
16 countries. Its affiliates offer deep expertise across a comprehensive
range of traditional and alternative investments through a wide array of
vehicles and customized strategies. For more information, please visit www.nuveen.com.
Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of this
press release.
FORWARD LOOKING STATEMENTS
Certain statements made or referenced in this release may be
forward-looking statements. Actual future results or occurrences may
differ significantly from those anticipated in any forward-looking
statements due to numerous factors. These include, but are not limited
to:
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market developments;
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legal and regulatory developments; and
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other additional risks and uncertainties.
Nuveen and the closed-end funds managed by Nuveen and its affiliates
undertake no responsibility to update publicly or revise any
forward-looking statements.
691294-INV-AN-12/20
View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005914/en/
Contacts:
Name Kristyna Munoz
Phone 254-644-1615
Email kristyna.munoz@nuveen.com
Source: Nuveen
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