Nuveen Preferred and Income 2022 Term Fund Announces Final Results of Tender Offer and Increase in Distribution Rate
24 Febbraio 2022 - 2:00PM
Business Wire
Nuveen Preferred and Income 2022 Term Fund (NYSE: JPT) announced
the final results of a tender offer as well as an increase in its
regular monthly distribution.
As previously announced, the fund conducted a tender offer
allowing shareholders to offer up to 100% of their common shares
for repurchase for cash at a price per share equal to 100% of the
net asset value per share determined on the date the tender offer
expired. The tender offer expired on February 17, 2022 at 5:00 p.m.
Eastern time.
In the tender offer, 2,454,617 common shares were tendered,
representing approximately 36% of the fund’s common shares
outstanding. Properly tendered shares will be repurchased as
promptly as practicable at $23.2613 per share, which was the NAV of
the fund as of the close of ordinary trading on the New York Stock
Exchange on the expiration date, February 17, 2022. Shareholders of
the fund who have questions regarding the tender offer should
contact Georgeson, LLC, the information agent for the fund’s tender
offer, at (888) 658-5755.
As a result of the successful completion of the tender offer,
the restructuring of the fund described in the fund’s proxy
statement dated October 20, 2021 and in the offer to purchase
relating to the tender offer will be implemented. In
particular:
- The fund’s declaration of trust will be amended effective
February 28, 2022 to eliminate the term structure of the fund. The
amendment of the fund’s declaration of trust to eliminate the term
structure was previously approved by the fund’s shareholders at a
special meeting held on December 17, 2021, as adjourned to January
19, 2022.
- The fund’s investment policies have been amended to permit
investment in contingent capital securities (“CoCos”).
- The fund’s use of leverage is expected to increase from current
levels.
- The fund’s name will change to “Nuveen Preferred and Income
Fund” effective February 28, 2022 (the fund’s common shares will
continue to trade on the New York Stock Exchange under the ticker
JPT).
- Nuveen Fund Advisors, LLC, the investment adviser to the fund,
will waive 50% of the fund’s net management fees beginning February
28, 2022 and continuing over the first year following elimination
of the term structure.
In addition, the Board of Trustees of the fund has approved an
increase in the fund’s monthly distribution rate as outlined below.
The following dates apply to today’s monthly distribution
declaration for the fund:
Record Date
March 15, 2022
Ex-Dividend Date
March 14, 2022
Payable Date
April 1, 2022
Monthly
Distribution Per Share
Ticker
Exchange
Fund
Name
Amount
Change
From Previous Month
Percentage Increase
JPT
NYSE
Nuveen Preferred and Income 2022 Term
Fund
$0.1350
$0.0165
13.9%
The fund intends to distribute all or substantially all of its
net investment income through its monthly distributions. However,
there is no guarantee that the fund will maintain monthly
distributions at any particular rate. For further information
regarding fund distributions, including earnings, undistributed net
investment income, and notices, please visit
www.nuveen.com/cef.
Nuveen is a leading sponsor of closed-end funds (CEFs) with $66
billion of assets under management across 58 CEFs as of 31 December
2021. The funds offer exposure to a broad range of asset classes
and are designed for income-focused investors seeking regular
distributions. Nuveen has more than 30 years of experience managing
CEFs.
For more information, please visit Nuveen’s CEF homepage
www.nuveen.com/closed-end-funds or contact:
Financial Professionals: 800-752-8700 Investors:
800-257-8787
Media: media-inquiries@nuveen.com
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 $1.3 trillion in assets under management as
of 31 Dec 2021 and operations in 27 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 in this release are 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.
You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Nuveen
and the closed-end funds managed by Nuveen and its affiliates
undertake no responsibility to update publicly or revise any
forward-looking statements.
The annual and semi-annual reports and other regulatory filings
of Nuveen closed-end funds with the Securities and Exchange
Commission (“SEC”) are accessible on the SEC’s web site at
www.sec.gov and on Nuveen’s web site at www.nuveen.com/cef and may
discuss the above-mentioned or other factors that affect Nuveen
closed-end funds.
EPS-2043147PR-E0222X
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version on businesswire.com: https://www.businesswire.com/news/home/20220224005216/en/
Financial Professionals: 800-752-8700 Investors:
800-257-8787
Media: media-inquiries@nuveen.com
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