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Nuveen Floating Rate Income Fund (NYSE: JFR) has announced a rights offering allowing current shareholders to purchase additional common shares at a discount. The Board approved issuing transferable rights to common shareholders as of January 21, 2025, with a 1-for-5 subscription ratio. The subscription price will be 95% of the average closing price over five trading days, with a minimum of 90% of NAV.
The offering aims to increase fund assets to capitalize on investment opportunities, particularly in senior loans priced below par. Key benefits include tax-efficient portfolio expansion, enhanced trading liquidity, and potential expense ratio reduction through a larger asset base. Rights will be tradeable on NYSE under symbols 'JFR RTWI' (when-issued) and 'JFR RT', with the offering expiring on February 19, 2025.
Record date shareholders who fully exercise their rights can participate in an over-subscription privilege for any remaining shares, subject to pro-rata allocation if oversubscribed.
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