Nuveen Maryland, Pennsylvania funds to redeem some preferred shares

New York, Nov. 2 – Nuveen Maryland Quality Municipal Income Fund and Nuveen Pennsylvania Quality Municipal Income Fund announced that they will redeem some of their outstanding variable rate MuniFund term preferred shares.

The Maryland fund will redeem $15 million of its preferreds and the Pennsylvania fund will redeem $43.5 million of its preferreds, both on Dec. 4, according to a news release.

All the preferreds will be redeemed at their $100,000 liquidation preference plus accumulated distributions.

Financing will come from newly created tender option bond trusts.

Both funds are managed by Nuveen, an investment management subsidiary of TIAA.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.