Nuveen Investments, a leading global provider of investment services to
institutions as well as individual investors, today announced it has
successfully completed the initial public offering of the Nuveen
Intermediate Duration Quality Municipal Term Fund (NYSE: NIQ).
The new closed-end fund’s primary investment objective is to provide
current income exempt from regular federal income tax and its secondary
investment objective is to seek additional total return. The fund will
seek to achieve its investment objectives by investing in a diversified
portfolio of primarily investment grade quality municipal securities.
The fund will also seek to reduce the risk of rising interest rates by
maintaining a portfolio with an intermediate duration of between three
and ten years (including the effects of leverage). The fund offers
investors a ten-year term structure. On or before June 30, 2023, the
fund intends to liquidate its portfolio and distribute its then-current
net assets to shareholders at that time.
The fund will begin trading on the New York Stock Exchange (NYSE) today,
under the symbol NIQ.
The fund raised approximately $187.5 million in its common share
offering, excluding any exercise of the underwriters’ option to purchase
additional shares. If the underwriters exercise that option in full, the
fund will have raised $215.625 million.
Nuveen Fund Advisors, LLC will be the fund’s investment adviser,
responsible for the fund’s overall investment strategy and its
implementation, including the use of leverage. Nuveen Fund Advisors, a
registered investment adviser, is a subsidiary of Nuveen Investments.
Nuveen Asset Management, LLC, also a subsidiary of Nuveen Investments,
will be the fund’s sub-adviser and responsible for the day-to-day
management of the Fund’s portfolio of securities. The lead managers of
the underwriting syndicate were BofA Merrill Lynch, Citigroup Global
Markets Inc., Wells Fargo Securities, LLC and Nuveen Securities, LLC.
Shares of closed-end investment companies, like the fund, usually trade
on a national stock exchange. Similar to stocks, the fund’s share price
will fluctuate with market conditions and, at the time of sale, may be
worth more or less than the original investment. Shares of closed-end
funds often trade at a discount to their net asset value. The fund’s
investment objectives and policies are not designed to return to
investors who purchased shares in this offering their initial investment
on the termination date, and such investors and any investor that
purchase common shares after completion of this offering may receive
more or less than their original investment upon termination.
Nuveen Investments provides high-quality investment services designed to
help secure the long-term goals of institutional and individual
investors as well as the consultants and financial advisors who serve
them. Nuveen Investments markets a wide range of specialized investment
solutions which provide investors access to capabilities of its
high-quality boutique investment affiliates—Nuveen Asset Management,
LLC, Symphony Asset Management LLC, NWQ Investment Management Company,
LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors,
LLC, Winslow Capital Management, LLC and Gresham Investment Management
LLC, all of which are registered investment advisers and subsidiaries of
Nuveen Investments, Inc. In total, Nuveen Investments managed
approximately $219 billion as of December 31, 2012. For more
information, please visit the Nuveen Investments website at www.nuveen.com.