Nuveen Closed-End Fund Completes Preferred Share Private Placement

Business Wire 19-May-2017 4:30 PM

CHICAGO--(BUSINESS WIRE)-- The Nuveen Floating Rate Income Fund (NYSE: JFR) has successfully completed a private placement with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933 (the Securities Act), of Term Preferred Shares with a term redemption date of June 1, 2024 (Series 2024 Term Preferred Shares).

Details of the Series 2024 Term Preferred Shares are as follows:

Fund Common Series 2024 Term Number of Series Term
Share Ticker Preferred Shares 2024 Term Redemption
Issuance Amount Preferred Shares Date
Nuveen Floating Rate Income Fund JFR $35,000,000 35,000 6/1/2024

The fund intends to use the net proceeds from this offering of Series 2024 Term Preferred Shares to repay a portion of the funds outstanding indebtedness.

The Series 2024 Term Preferred Shares will pay a dividend rate based on a fixed spread to a short term index. Term Preferred Shares are preferred securities of the fund and are senior, with priority in all respects, to the funds common shares in liquidation and as to payments of dividends. The Series 2024 Term Preferred Shares rank equally with the funds outstanding Term Preferred Shares, Series 2019, Series 2022, and Series 2027, with respect to liquidation and dividends.

The Series 2024 Term Preferred Shares have not been registered under the Securities Act or any state securities laws. Unless so registered, the Series 2024 Term Preferred Shares may not 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 offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. As the investment management arm of TIAA, Nuveen has $906 billion in assets under management as of 3/31/17 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

Securities offered through Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.


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, including the successful sale of new preferred securities by the fund identified in this press release;
  • 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.

This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that the funds common and preferred shareholders have been informed of the funds private placement of Series 2024 Term Preferred Shares.


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Nuveen Kathleen Cardoza

Source: Nuveen

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