Two Nuveen funds to redeem MuniFund term preferreds in May

By Wendy Van Sickle

Columbus, Ohio, April 19 – Nuveen Municipal Credit Income Fund and Nuveen New York AMT-Free Quality Municipal Income Fund each plan to redeem all of their Institutional MuniFund term preferred shares, according to a press release.

The municipal credit fund will redeem its 30,000 of preferreds on May 25. They have a liquidation preference of $5,000 each, or $150 million in total.

The New York AMT-Free fund will redeem its 15,800 of preferreds on May 22. They have a liquidation preference of $5,000 each, or $79 million in total.

The funds will also pay all distribution amounts owed.

The redemptions will be made with the proceeds of newly issued preferred shares, subject to the completion of the planned placements.

Nuveen is a Chicago-based investment services company.

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