From Seekingalpha · Stanford Chemist · · 40s
NMCO Rights Offering Results
Nuveen Municipal Credit Opportunities Fund's 1-for-4 rights offering raised $113 million with 96% subscription.
In brief
Nuveen Municipal Credit Opportunities Fund's 1-for-4 rights offering raised $113 million with 96% subscription. Nuveen Municipal Credit Opportunities Fund raised $113 million through a 1-for-4 rights offering with 96% subscription. Originally reported by Seekingalpha.
Rights Offering Details
Nuveen Municipal Credit Opportunities Fund expects to issue about 13.7 million new shares at $8.25, 90% of NAV, raising about $113 million in its 1-for-4 rights offering.
Subscription Results
The offering was roughly 96% subscribed, so NAV dilution came to about -1.9% (-$0.18 per share), close to the -2.0% full-subscription estimate.
Expense Coverage
Nuveen, not the fund, bore the offering expenses, so there was no further NAV hit from a sales load.
The one thing
Nuveen Municipal Credit Opportunities Fund raised $113 million through a 1-for-4 rights offering with 96% subscription.
