Nuveen Virginia Fund Files Intent to Redeem Up to $85.3M in Preferred Shares
Summary
Nuveen Virginia Quality Municipal Income Fund has filed notice of its intention to redeem up to $85.3 million in Variable Rate Demand Preferred Shares, Series 1, between June and December 2026.
Key Events
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Intention to Redeem Preferred Shares
The fund filed an N-23C-2 notice indicating its intention to redeem up to 853 Variable Rate Demand Preferred Shares, Series 1.
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Significant Capital Event
The potential redemption value is up to $85.3 million, representing a substantial portion of the fund's capital structure.
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Redemption Window
The redemption period is set to occur between June 2, 2026, and December 2, 2026.
Analysis
This filing indicates the fund's plan to potentially redeem a substantial amount of its Variable Rate Demand Preferred Shares. If fully executed, the redemption of up to $85.3 million in preferred shares would significantly reduce the fund's leverage and preferred dividend obligations. This move is generally positive for common shareholders as it can improve the fund's financial structure and potentially increase net asset value per common share. Investors should monitor for subsequent announcements confirming the actual redemption amounts and dates.
At the time of this filing, NPV was trading at $11.58 on NYSE in the Unknown sector, with a market capitalization of approximately $211.5M. The 52-week trading range was $10.87 to $11.81. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.