Nuveen Intermediate plans to redeem some series 2023 preferreds

By Wendy Van Sickle

Columbus, Ohio, Jan. 30 – The Nuveen Intermediate Duration Municipal Term Fund intends to redeem up to 1,759 of its outstanding series 2023 adjustable rate MuniFund term preferred shares (Cusip: 670671403) by March 15, according to a company news release.

The redemption price will be the $100,000 liquidation preference plus accumulated distributions.

The redemption is to be funded with portfolio sales and cash on hand, and the redemption is contingent upon the completion of the portfolio sales.

The fund, which trades under the ticker “JSD,” is managed by Nuveen, the investment manager of TIAA.

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