Nuveen today announced that the Nuveen Short Duration Credit Opportunities Fund (NYSE: JSD) has issued $100 million of Taxable Fund Preferred Shares (TFP Shares) in a private placement. The Fund will use the net proceeds from the sale of the TFP Shares, along with cash already held by the Fund, to redeem all of the Fund’s outstanding Series 2020 Term Preferred Shares and to reduce borrowings under the Fund’s credit facility. The Fund and the amount of newly issued TFP Shares are as follows:
Fund & Common Share Symbol
Nuveen Short Duration Credit Opportunities Fund (NYSE: JSD)
The new TFP Shares were issued with terms establishing an initial Variable Rate Remarketed Mode and a term redemption date of November 1, 2029. During the Variable Rate Remarketed Mode, the dividend rate will be set daily by the remarketing agent, and the TFP Shares may be tendered by holders for remarketing by the remarketing agent. The TFP Shares are preferred securities of the Fund, are senior, with priority in all respects, to the Fund's common shares in liquidation and as to payments of dividends and rank on parity with other preferred shares of the Fund.
No TFP shares have been registered, or are expected to be registered, under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no TFP 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 does not constitute an offer to sell or a solicitation to buy any of the securities described herein.
For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds.
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 $1 trillion in assets under management as of 30 September 2019 and operations in 24 countries. Its investment specialists 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:
- market developments;
- legal and regulatory developments; and
- 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.