CHICAGO--(BUSINESS WIRE)--
The Nuveen California Quality Municipal Income Fund (NYSE: NAC), as part of an ongoing leverage management process, has designated a special rate period for certain of its Variable Rate Demand Preferred (VRDP) shares listed below.
|
Fund |
Common Share Ticker |
Preferred Series |
VRDP Amount Outstanding |
Number of Preferred Shares |
||||||||
| Nuveen California Quality Municipal Income Fund | NAC | Series 8 | $160,000,000 | 1,600 | ||||||||
In connection with the transition to the special rate period, the Series 8 VRDP shares have been mandatorily tendered by the holders and sold to an institutional investor. During the special rate period, the VRDP shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or supported by a liquidity provider. During this period, VRDP dividends will be set monthly at a floating rate based on a predetermined formula. The VRDP shares are preferred securities of the fund and are senior, with priority in all respects, to the fund’s common shares in liquidation and as to payment of dividends.
No VRDP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VRDP 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 $948 billion in assets under management as of 9/30/17 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.
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, including the success of the special rate period designated by the fund identified in this press release;
- legal and regulatory developments; and
- other 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.
306067-INV-O-11/19
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