Nuveen Floating Rate Income Fund Announces Terms of Rights Offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 08 2025
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Source: Businesswire
Rights Offering Announcement: Nuveen Floating Rate Income Fund has approved a rights offering allowing shareholders to purchase additional common shares at a discount, aimed at increasing the fund's assets and benefiting shareholders through enhanced investment opportunities.
Key Terms of the Offer: Shareholders will receive one right for each share owned, enabling them to buy new shares at a subscription price based on market performance. The rights will be transferable and tradeable on the NYSE, with the offer expiring on February 19, 2025.
Analyst Views on JFR
Wall Street analysts forecast JFR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for JFR is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About JFR
Nuveen Floating Rate Income Fund (the Fund) is a closed-end management investment company. The Fund seeks to achieve a high level of current income by investing in secured senior loans and unsecured senior loans. The Company invests in adjustable-rate loans, which provide a potential hedge against rising short-term rates. Under normal market circumstances, the Fund will invest at least 80% of its managed assets in adjustable-rate loans. In addition, the Fund invests at least 65% of its managed assets in senior loans that are secured by specific collateral. Its other loans include unsecured senior loans and secured and unsecured subordinated loans. The sectors covered by the portfolio include hotels, restaurants and leisure; software; media; health care providers and services, and oil, gas and consumable fuels. It also invests in the United States, Canada, the United Kingdom, Luxembourg, and the Netherlands. Nuveen Fund Advisors, LLC, is the Fund’s investment adviser.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
