Nuveen Municipal Closed-End Funds Announce Completion of Mergers

Rhea-AI Summary

The recent merger involving Nuveen Ohio Quality Municipal Income Fund (NYSE: NUO) and Nuveen Georgia Quality Municipal Income Fund (NYSE: NKG) into Nuveen Municipal Credit Income Fund (NYSE: NZF) was finalized on April 17, 2023. This strategic move enables NZF to acquire all assets and liabilities of NUO and NKG in tax-free transactions, with shares from both funds converted to newly issued shares of NZF at specific exchange ratios based on net asset values from April 14, 2023. The exchange ratios are 1.06685100 for NUO and 0.85425383 for NKG.

Nuveen, managing over $54 billion across 55 closed-end funds, aims to enhance its offering to income-focused investors.

Positive

• Successful completion of mergers enhances asset base.
• Tax-free transactions benefit shareholders.
• Strategic alignment to improve fund performance.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- The mergers of Nuveen Ohio Quality Municipal Income Fund (NYSE: NUO) and Nuveen Georgia Quality Municipal Income Fund (NYSE: NKG) into Nuveen Municipal Credit Income Fund (NYSE: NZF) were successfully completed prior to the opening of the New York Stock Exchange on April 17, 2023.

In the mergers, a wholly-owned subsidiary of NZF acquired all of the assets and liabilities of NUO and NKG in tax-free transactions, and common shares of NUO and NKG were converted to newly-issued common shares of NZF in an aggregate amount equal to the value of the net assets of NUO and NKG. The transactions took place based upon NUO’s, NKG’s, and NZF’s closing net asset values on April 14, 2023. The exchange ratios at which common shares of NUO and NKG were converted to common shares of NZF are listed below:

Ticker	Fund Name		Exchange Ratio
NUO	Nuveen Ohio Quality Municipal Income Fund		1.06685100
NKG	Nuveen Georgia Quality Municipal Income Fund		0.85425383

Nuveen is a leading sponsor of closed-end funds (CEFs) with $54 billion of assets under management across 55 CEFs as of 31 Dec 2022. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs.

For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds or contact:

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 $1.1 trillion in assets under management as of 31 Dec 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.

EPS-2846848PR-E0423W

View source version on businesswire.com: https://www.businesswire.com/news/home/20230417005525/en/

Financial Professionals:

800-752-8700

Investors:

800-257-8787

Media:

media-inquiries@nuveen.com

Source: Nuveen

FAQ

What funds were merged into Nuveen Municipal Credit Income Fund?

The Nuveen Ohio Quality Municipal Income Fund (NUO) and Nuveen Georgia Quality Municipal Income Fund (NKG) were merged into the Nuveen Municipal Credit Income Fund (NZF).

When was the merger of NUO and NKG completed?

The merger was completed on April 17, 2023.

What were the exchange ratios for NUO and NKG in the merger?

The exchange ratio for NUO was 1.06685100 and for NKG was 0.85425383.

How does Nuveen manage its assets?

Nuveen manages over $54 billion across 55 closed-end funds, focusing on income-generating investments.

What is the significance of the merger for NUO and NKG shareholders?

The merger allows shareholders of NUO and NKG to hold shares in NZF, potentially enhancing their income and investment stability.