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Nuveen Preferred and Income Term Fund (symbol: JPI) is a closed-end management investment company that aims to deliver both a high level of current income and total return through its diversified investment approach. As a part of one of the world's largest asset managers, Nuveen, JPI serves institutions, financial intermediaries, and individual investors across over 30 countries.
Nuveen is renowned for its expertise in income generation, alternative investments, and responsible investing, underpinned by a rich legacy of service and innovation initiated by John Nuveen and Andrew Carnegie. The fund employs a variety of investment products, including mutual funds, closed-end funds, exchange-traded funds, and multi-asset model portfolios.
JPI’s current projects and financial strategies are continually refined to ensure robust returns and financial stability. The fund’s strategies are driven by diverse thought processes and specialized investment teams, guaranteeing independent and high-quality expertise. This diversity of thought is critical in maintaining the fund's edge in both public and private asset classes.
Recent achievements of JPI include recognition for its income generation capabilities and the consistent delivery of solid returns to its investors. The fund continues to adapt and innovate, maintaining its relevance and appeal to a broad range of investors.
Nuveen’s strong partnerships with advisors and consultants help create outcome-focused solutions, aimed at providing investors a more secure financial future. This collaborative approach ensures that JPI is well-positioned to meet and exceed the financial goals of its diverse clientele.
Nuveen Preferred and Income Term Fund (NYSE: JPI) announced the final results of its tender offer, where 8,672,542 common shares (38% of outstanding) were tendered at $20.0081 per share. As a result, the fund will implement several changes:
1. Elimination of the term structure effective August 19, 2024
2. Name change to "Nuveen Preferred Securities & Income Opportunities Fund"
3. 50% waiver of net management fees for the first year
4. Increase in monthly distribution rate by 69.4% to $0.1660 per share
These changes aim to enhance shareholder value and support secondary market trading. The fund may distribute from sources other than net investment income, potentially including return of capital.
Nuveen Preferred and Income Term Fund (NYSE: JPI) announced preliminary results of its tender offer, which expired on August 14, 2024. Approximately 37% of outstanding common shares (8,511,627 shares) were tendered. The offer allowed shareholders to repurchase up to 100% of their shares at 100% of the net asset value per share. The completion is subject to maintaining a minimum of $70 million in aggregate net assets after the tender.
If conditions are met, JPI plans to eliminate its term structure and change its name to 'Nuveen Preferred Securities & Income Opportunities Fund' on August 19, 2024. Nuveen will waive 50% of its net management fees for the first year following this change. The fund will continue trading on NYSE under the same ticker symbol.
Nuveen Preferred and Income Term Fund (NYSE: JPI) shareholders have approved amending the fund's declaration of trust to eliminate its term structure, subject to a tender offer completion. JPI has commenced a tender offer allowing shareholders to offer up to 100% of their common shares for repurchase at 100% of NAV, expiring on August 14, 2024. The offer's completion is contingent on the fund's aggregate common assets equaling or exceeding $70 million post-tender.
If successful, JPI's term structure will be eliminated, and it will be renamed 'Nuveen Preferred Securities & Income Opportunities Fund'. Nuveen will waive 50% of its net management fees for the first year following the change. If the tender offer fails, JPI will terminate as scheduled by August 31, 2024. The fund may reduce leverage and adjust investments during this period.
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