{"id":34266,"date":"2023-07-11T14:54:07","date_gmt":"2023-07-11T18:54:07","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/nuveen-senior-loan-cefs-to-merge-nysejfr\/"},"modified":"2023-07-11T14:54:09","modified_gmt":"2023-07-11T18:54:09","slug":"nuveen-senior-loan-cefs-to-merge-nysejfr","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34266","title":{"rendered":"Nuveen Senior Loan CEFs To Merge (NYSE:JFR)"},"content":{"rendered":"
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On June 23, 2023, Nuveen announced the approval by shareholders of the merger of its senior loan funds: Nuveen Senior Income Fund<\/strong> (NYSE:NSL<\/span>), Nuveen Floating Rate Income Opportunity Fund<\/strong> (NYSE:JRO<\/span>), Nuveen Short Duration Credit Opportunities Fund<\/span><\/strong> (<\/span>NYSE:JSD<\/span>), and <\/span>Nuveen Floating Rate Income Fund<\/strong> (<\/span>NYSE:JFR<\/span>). From the press release:<\/span><\/p>\n

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June 23, 2023<\/strong> | Nuveen Senior Loan Closed-End Funds Announce Shareholder Approval of Proposed Mergers.<\/strong><\/em> Common and preferred shareholders of NSL, JRO, and JSD into JFR have approved a proposal to merge the funds. The mergers will combine each of NSL, JRO, and JSD into JFR. Subject to the satisfaction of certain customary closing conditions, the mergers are expected to become effective before the market opens on July 31, 2023<\/strong>. Leading up to the mergers, NSL, JRO, JSD, and JFR are expected to follow their normal distribution schedules. Following the mergers, JFR is expected to declare its regular August distribution on July 31, 2023, with a record date of August 15, 2023, payable September 1, 2023. (<\/span>initial merger proposal)<\/span><\/p>\n<\/blockquote>\n

In their proxy materials, Nuveen presented a number of factors to support their argument for a merger, including greater liquidity, potential for narrower discount, increased portfolio size, and lower expense ratio:<\/p>\n

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Q. Why has each Fund’s Board recommended the Merger proposals?<\/p>\n

A. Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors”), a subsidiary of Nuveen, LLC (“Nuveen”) and the Funds’ investment adviser, recommended the Merger proposals as part of an ongoing initiative to streamline Nuveen’s closed-end funds line-up and eliminate overlapping products. Each Fund’s Board considered its Fund’s Merger(s) and determined that the Merger(s) would be in the best interests of its Fund. Based on information provided by Nuveen Fund Advisors, each Target Fund’s Board believes that its Fund’s proposed Merger may benefit the common shareholders of its Fund in a number of ways, including, among other things:<\/p>\n