Nuveen NMCO Sets Rights Offering Terms: 1-for-4 at Discount to NAV
NMCO is trading near its 52-week low of $9.7 (4.3% above the low).
Summary
Nuveen Municipal Credit Opportunities Fund announced full terms of its 1-for-4 transferable rights offering, with subscription from September 8 to October 7, 2026, priced at a discount to market or NAV.
Key Events · Financing and Capital Events · NMCO
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Rights Offering Terms Finalized
1-for-4 transferable rights offering with subscription period from September 8, 2026 (record date) to October 7, 2026 at 5 PM ET (expiration date). Rights trade under symbol NMCO RT through October 6, 2026.
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Subscription Price Formula
Subscription price will be the higher of 95% of the average market price on the expiration date and the four preceding trading days, or 90% of net asset value on the expiration date.
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Dilution Impact
Shareholders who do not fully exercise rights will own a smaller proportional interest and face immediate NAV dilution. Even full exercisers are expected to experience some dilution, though the advisor bears all $341,000 in offering expenses.
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Fund Characteristics
Total managed assets of $1.03 billion, portfolio leverage of 42.31%, monthly distribution of $0.0685 per share (7.87% distribution rate on market price).
Analysis · NMCO · Unknown
Nuveen Municipal Credit Opportunities Fund has finalized the mechanics of its transferable rights offering, giving existing shareholders a time-limited opportunity to buy new shares at a discount to market price or NAV. The subscription price will be the higher of 95% of the average market price over the five days ending on the expiration date or 90% of NAV on that date. Shareholders who do not exercise their rights will face immediate dilution of their proportional ownership and NAV per share. The advisor is bearing all offering costs, estimated at $341,000, which partially mitigates the dilution impact. The offering is designed to raise additional assets to invest in high-yield municipal bonds, which the advisor views as attractively valued.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 29.9% of the 1591 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.24%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, NMCO was trading at $10.12 on NYSE in the Unknown sector, with a market capitalization of approximately $541.2M. The 52-week trading range was $9.70 to $11.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.