Nuveen Floating Rate Income Fund Announces the Preliminary Results of Rights Offering
Nuveen Floating Rate Income Fund (NYSE: JFR) announced the preliminary results of its rights offering, which expired on February 19, 2025. The offering allowed rights holders to subscribe for up to 26,911,238 additional common shares at $8.20 per share, equal to 90% of the Fund's net asset value per share at the close of trading on the expiration date. The gross proceeds are expected to be approximately $220.7 million, including oversubscription requests and notices of guaranteed delivery.
Although the offering was over-subscribed, the Fund will not exercise the secondary over-subscription privilege. Instead, the available primary over-subscription shares will be allocated pro-rata among fully exercising record date shareholders who over-subscribed. Excess payments will be returned to investors who submitted over-subscription requests.
The common shares are expected to be issued around February 25, 2025. The final subscription price is lower than the original estimate, and any excess payments will be returned to subscribing rights holders promptly. Investors are advised to read the Fund's prospectus supplement and accompanying prospectus for detailed information.
Il Nuveen Floating Rate Income Fund (NYSE: JFR) ha annunciato i risultati preliminari della sua offerta di diritti, scaduta il 19 febbraio 2025. L'offerta ha permesso ai detentori di diritti di sottoscrivere fino a 26.911.238 azioni ordinarie aggiuntive a $8.20 per azione, pari al 90% del valore netto degli attivi per azione del Fondo alla chiusura delle contrattazioni nella data di scadenza. I proventi lordi sono previsti intorno ai $220.7 milioni, comprese le richieste di sovrascrizione e le notifiche di consegna garantita.
Sebbene l'offerta sia stata sovrascritta, il Fondo non eserciterà il privilegio di sovrascrizione secondaria. Invece, le azioni disponibili per la sovrascrizione primaria saranno allocate pro-rata tra gli azionisti registrati che hanno esercitato completamente i diritti e che hanno sovrascritto. I pagamenti in eccesso saranno restituiti agli investitori che hanno presentato richieste di sovrascrizione.
Le azioni ordinarie dovrebbero essere emesse intorno al 25 febbraio 2025. Il prezzo finale di sottoscrizione è inferiore alla stima originale e eventuali pagamenti in eccesso saranno restituiti prontamente ai detentori di diritti che hanno sottoscritto. Si consiglia agli investitori di leggere il prospetto supplementare del Fondo e il prospetto accompagnatorio per informazioni dettagliate.
El Nuveen Floating Rate Income Fund (NYSE: JFR) anunció los resultados preliminares de su oferta de derechos, que expiró el 19 de febrero de 2025. La oferta permitió a los tenedores de derechos suscribirse hasta 26,911,238 acciones ordinarias adicionales a $8.20 por acción, equivalente al 90% del valor neto de los activos por acción del Fondo al cierre de la negociación en la fecha de expiración. Se espera que los ingresos brutos sean aproximadamente $220.7 millones, incluidas las solicitudes de sobre suscripción y los avisos de entrega garantizada.
Aunque la oferta fue sobre suscrita, el Fondo no ejercerá el privilegio de sobre suscripción secundaria. En su lugar, las acciones disponibles para la sobre suscripción primaria se asignarán de manera proporcional entre los accionistas registrados que ejercieron completamente y sobre suscribieron. Los pagos en exceso serán devueltos a los inversores que presentaron solicitudes de sobre suscripción.
Se espera que las acciones ordinarias se emitan alrededor del 25 de febrero de 2025. El precio final de suscripción es más bajo que la estimación original, y cualquier pago en exceso será devuelto rápidamente a los tenedores de derechos que se suscribieron. Se aconseja a los inversores que lean el prospecto suplementario del Fondo y el prospecto acompañante para obtener información detallada.
누빈 플로팅 레이트 인컴 펀드(NYSE: JFR)는 2025년 2월 19일에 만료된 권리 공모의 예비 결과를 발표했습니다. 이 공모를 통해 권리 보유자는 주당 $8.20에 최대 26,911,238주의 추가 보통주를 구독할 수 있었으며, 이는 만료일 거래 마감 시 펀드의 주당 순자산 가치의 90%에 해당합니다. 총 수익은 약 $220.7 백만으로 예상되며, 초과 구독 요청 및 보장된 배송 통지를 포함합니다.
공모가 초과 구독되었지만, 펀드는 2차 초과 구독 특권을 행사하지 않을 것입니다. 대신, 사용 가능한 기본 초과 구독 주식은 초과 구독한 기록일 주주들 사이에 비례 배분될 것입니다. 초과 지급은 초과 구독 요청을 제출한 투자자에게 반환됩니다.
보통주는 2025년 2월 25일경 발행될 것으로 예상됩니다. 최종 구독 가격은 원래 추정치보다 낮으며, 초과 지급은 신속하게 구독한 권리 보유자에게 반환될 것입니다. 투자자들은 자세한 정보를 위해 펀드의 보충 설명서와 동반된 설명서를 읽는 것이 좋습니다.
Le Nuveen Floating Rate Income Fund (NYSE: JFR) a annoncé les résultats préliminaires de son offre de droits, qui a expiré le 19 février 2025. L'offre a permis aux titulaires de droits de souscrire jusqu'à 26 911 238 actions ordinaires supplémentaires à 8,20 $ par action, ce qui équivaut à 90 % de la valeur nette d'actif par action du Fonds à la clôture des échanges à la date d'expiration. Les produits bruts devraient être d'environ 220,7 millions de dollars, y compris les demandes de sursouscription et les avis de livraison garantie.
Bien que l'offre ait été sursouscrite, le Fonds n'exercera pas le privilège de sursouscription secondaire. Au lieu de cela, les actions disponibles pour la sursouscription primaire seront réparties au prorata entre les actionnaires qui ont pleinement exercé leur droit et qui ont sursouscrit. Les paiements excédentaires seront retournés aux investisseurs ayant soumis des demandes de sursouscription.
Les actions ordinaires devraient être émises aux alentours du 25 février 2025. Le prix final de souscription est inférieur à l'estimation initiale, et tout paiement excédentaire sera rapidement retourné aux titulaires de droits souscripteurs. Les investisseurs sont invités à lire le supplément de prospectus du Fonds ainsi que le prospectus accompagnateur pour des informations détaillées.
Der Nuveen Floating Rate Income Fund (NYSE: JFR) hat die vorläufigen Ergebnisse seines Bezugsangebots bekannt gegeben, das am 19. Februar 2025 abgelaufen ist. Das Angebot ermöglichte es den Bezugsberechtigten, bis zu 26.911.238 zusätzliche Stammaktien zu einem Preis von 8,20 $ pro Aktie zu zeichnen, was 90 % des Nettoinventarwerts pro Aktie des Fonds zum Handelsende am Ablaufdatum entspricht. Die Bruttoeinnahmen werden auf etwa 220,7 Millionen $ geschätzt, einschließlich Überzeichnungsanfragen und Garantien für die Lieferung.
Obwohl das Angebot überzeichnet war, wird der Fonds das sekundäre Überzeichnungsrecht nicht ausüben. Stattdessen werden die verfügbaren primären Überzeichnungsaktien proportional unter den voll zeichnenden Aktionären, die überzeichnet haben, verteilt. Überzahlungen werden an Investoren zurückgegeben, die Überzeichnungsanfragen gestellt haben.
Die Stammaktien werden voraussichtlich um den 25. Februar 2025 ausgegeben. Der endgültige Zeichnungspreis liegt unter der ursprünglichen Schätzung, und etwaige Überzahlungen werden umgehend an die zeichnenden Bezugsberechtigten zurückgegeben. Investoren wird geraten, den Ergänzungsprospekt des Fonds sowie den begleitenden Prospekt für detaillierte Informationen zu lesen.
- Raised approximately $220.7 million in gross proceeds.
- Offering was over-subscribed, indicating strong investor interest.
- Final subscription price lower than originally estimated, potentially reducing expected proceeds.
Insights
The successful completion of JFR's rights offering, raising
The pricing at 90% of NAV (
The timing of this capital raise is particularly noteworthy within the context of the current interest rate environment. With floating rate securities offering natural protection against rate volatility and potential income advantages, the fund is well-positioned to capitalize on market opportunities. The additional capital provides enhanced flexibility to pursue attractive floating rate investments while maintaining appropriate leverage levels.
As part of Nuveen's substantial
The Offer was over-subscribed; however, the Fund will not exercise the secondary over-subscription privilege. The available primary over-subscription shares will be allocated pro-rata among those fully exercising record date shareholders who over-subscribed based on the number of rights originally issued to them by the Fund. The Fund will return to those investors that submitted over-subscription requests the full amount of their excess payments.
The Common Shares subscribed for are expected to be issued on or about February 25, 2025, after completion of the pro-rata allocation of Common Shares in respect of the primary over-subscription privilege and receipt of all shareholder payments. The final subscription price is lower than the original estimated subscription price. Accordingly, any excess payments will be returned to subscribing rights holders as soon as practicable, in accordance with the prospectus supplement filed with the Securities and Exchange Commission on January 10, 2025.
This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus supplement and accompanying prospectus contain this and additional information about the Fund and additional information about the Offer, and should be read carefully before investing. To obtain the Fund’s prospectus supplement and accompanying prospectus, please contact the Fund’s information agent:
Georgeson LLC:
833-880-3673
Nuveen is a leading sponsor of closed-end funds (CEFs) with
For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds.
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has
Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of this press release.
Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:
- market developments;
- legal and regulatory developments; and
- other additional risks and uncertainties.
You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.
The annual and semi-annual reports and other regulatory filings of Nuveen closed-end funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC’s web site at www.sec.gov and on Nuveen’s website at www.nuveen.com/cef and may discuss the above-mentioned or other factors that affect Nuveen closed-end funds.
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Source: Nuveen
FAQ
What are the preliminary results of the JFR rights offering?
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Why is the final subscription price for JFR lower than the original estimate?
