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The Boards of Trustees of Nuveen Preferred and Income Fund (JPT), Nuveen Preferred & Income Securities Fund (JPS), and Nuveen Preferred & Income Opportunities Fund (JPC) have approved a proposal to merge the funds. This merger aims to consolidate JPT and JPS into JPC, creating a larger fund with lower net operating expenses and increased earnings potential. The mergers are subject to shareholder approval and are not contingent on one another. As of December 31, 2022, Nuveen manages $54 billion across 55 closed-end funds, aiming at income-focused investors.
Details will be provided in proxy materials in the coming weeks. The funds anticipate that the merger will enhance trading volumes on the exchange for common shares.
Nuveen Preferred and Income 2022 Term Fund (NYSE: JPT) has announced the final results of a tender offer and an increase in its monthly distribution. The tender offer allowed shareholders to repurchase up to 100% of common shares, with 2,454,617 shares tendered, representing approximately 36% of total shares outstanding. The repurchase price was set at $23.2613 per share. Additionally, effective February 28, 2022, the fund will eliminate its term structure, amend investment policies to allow contingent capital securities, increase leverage, and waive 50% of management fees for one year. The monthly distribution rate increased to $0.1350, reflecting a 13.9% rise.
The Nuveen Preferred and Income 2022 Term Fund (NYSE: JPT) announced preliminary results for its recent tender offer, which allowed shareholders to sell up to 100% of their common shares. The offer expired on February 17, 2022, with 2,419,994 shares, or 35% of the total shares outstanding, tendered. Completion of the offer depends on the fund maintaining a minimum of $70 million in net assets after repurchases. The final results will be disclosed on February 24, 2022.
Nuveen Preferred and Income 2022 Term Fund (NYSE: JPT) has announced a tender offer allowing shareholders to repurchase up to 100% of their shares at net asset value. The tender offer will close on February 17, 2022, requiring the fund's net assets to be at least $70 million for completion. Shareholders participating in the tender offer will not receive the February 2022 monthly distribution on tendered shares. The fund will declare its regular monthly distribution on February 25, 2022, with an ex-dividend date of February 24, 2022, and payment on March 1, 2022.
Nuveen Preferred and Income 2022 Term Fund (NYSE: JPT) shareholders have approved a restructuring proposal to maintain their investment in the fund, aiming to expand exposure to preferred and income-producing securities. A tender offer will allow shareholders to sell up to 100% of their shares at net asset value. If the net assets exceed $70 million, the fund's term structure will be eliminated and its name will change to 'Nuveen Preferred and Income Fund.' A new fee waiver will also be introduced, potentially enhancing net earnings and monthly distributions.
The Board of Trustees of Nuveen Preferred and Income 2022 Term Fund (NYSE: JPT) has proposed amendments to eliminate the fund's term structure due to its impending termination by March 1, 2022. Shareholder approval is required for the amendment, which would allow a tender offer for 100% of outstanding shares if assets exceed $70 million. If approved, the fund's name will change to Nuveen Preferred and Income Fund, and it will invest in new securities. Additionally, there will be a 50% management fee waiver for the first year to enhance earnings.