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Three Nuveen Senior Loan closed-end funds intend to partly redeem outstanding VRTP shares.

M2 EQUITYBITES-March 1, 2016-Three Nuveen Senior Loan closed-end funds intend to partly redeem outstanding VRTP shares


Nuveen Investments Inc disclosed on Saturday that the boards of trustees of Nuveen Floating Rate Income Fund (NYSE:JFR), Nuveen Floating Rate Income Opportunity Fund (NYSE:JRO) and Nuveen Senior Income Fund (NYSE:NSL) authorised plans for each to redeem outstanding Variable Rate Term Preferred (VRTP) shares.

Each of the funds has filed with the US Securities and Exchange Commission, a notice of intention for the above. VRTP shares will be redeemed at their USD100,000 liquidation preference per share, plus an additional amount reflecting the final accumulated dividend amounts owed. The funds will finance the redemptions from existing borrowing facilities that have not been drawn.

Also, the Depository Trust Company will deliver a formal notice of the redemption at a later date, while JFR, JRO and NSL will redeem 310, 230 and 130 VRTP shares, respectively, on 29 March 2016. The address of the redemption and paying agent Computershare Inc is 250 Royall Street, Canton, Massachusetts 02021.

A provider of investment services, Nuveen Investments help to secure the long-term goals with a wide range of specialised investment solutions through its high-quality boutique investment affiliates, Nuveen Asset Management LLC, Symphony Asset Management LLC, NWQ Investment Management Company LLC, Santa Barbara Asset Management LLC, Tradewinds Global Investors LLC, Winslow Capital Management LLC and Gresham Investment Management LLC, all of which are registered investment advisers and independent investment subsidiaries of the company.

Nuveen Investments managed about USD225bn, as of 31 December 2015.

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Publication:M2 EquityBites (EQB)
Date:Mar 1, 2016
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