2-26-18 4:15 PM EST | Email Article

Three Nuveen Closed-End Funds Complete Preferred Share Exchange

Nuveen Intermediate Duration Municipal Term Fund (NYSE: NID), Nuveen Intermediate Duration Quality Municipal Term Fund (NYSE: NIQ) and Nuveen Municipal High Income Opportunity Fund (NYSE: NMZ) have each completed an issuance of Adjustable Rate MuniFund Term Preferred Shares (AMTP Shares) in a privately negotiated exchange and private placement with a qualified institutional buyer, 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:

Fund     Common     AMTP     Aggregate     Number of
Share Series Liquidation Preferred
      Ticker           Preference     Shares
Nuveen Intermediate Duration Municipal Term Fund     NID     Series 2023     $ 175,000,000     1,750
Nuveen Intermediate Duration Quality Municipal Term Fund     NIQ     Series 2023     $ 55,000,000     550
Nuveen Municipal High Income Opportunity Fund     NMZ     Series 2028     $ 87,000,000     870

Through the transactions, NID has issued 1,750 Series 2023 AMTP Shares in exchange for 1,750 Variable Rate MuniFund Preferred (VMTP Shares); NIQ has issued 550 Series 2023 AMTP Shares in exchange for 550 VMTP Shares; and NMZ has issued 870 Series 2028 AMTP Shares in exchange for 870 VMTP Shares. Following the transactions, none of the Funds has any VMTP Shares outstanding.

The AMTP Shares have a liquidation preference of $100,000 per share, and were issued with a term redemption date of March 31, 2023 for NID, June 30, 2023 for NIQ and March 1, 2028 for NMZ. 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 $970 billion in assets under management as of 12/31/17 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 www.nuveen.com.

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

Nuveen Securities, LLC, member FINRA and SIPC.


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.


Kristyna Munoz, 254-644-1615

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