The 'AAA' Long-Term ratings on the Series 4 VRDP
Shares of NVG and the Series 5 VRDP
Shares of NAC are not affected, and no rating actions are being taken on the long-term ratings of either fund's VRDP
Transport Scotland published Scottish Ferry Services: Ferries Plan (2013-2022) in December 2012 as a basis for the shape of all of Scotland s ferry services until 2022 and it underpins the development of the VRDP
as it applies to the Clyde and Hebrides Ferry Services network.
In addition, Fitch has withdrawn the Short-Term rating on the $158.9 million of Series 5 VRDP
Shares issued by Nuveen California Quality Municipal Income Fund (NAC).
BlackRock Advisors LLC reported on Friday that BlackRock New Jersey Municipal Income Trust (NYSE:BNJ) issued Variable Rate Demand Preferred Shares (VRDP
) totaling about USD59.1m, under a private placement exempt from registration under the US Securities Act of 1933.
--$125,000,000 of Series W-7 VRDP
Shares rated 'AA'/'F1'.
Nuveen Investments' closed end funds, Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) and Nuveen Virginia Quality Municipal Income Fund (NYSE:NPV) on Wednesday proposed to transition each of their series 1 variable rate demand preferred shares (VRDP
shares) to a special rate period, under Nuveen's regular leverage management process.
, MYJ has issued an additional $77.8 million of VRDP
Shares, increasing the amount outstanding from $102.2 million to $180 million.
shares are preferred securities of the fund and are senior, with priority in all respects, to its common shares in liquidation and as to payment of dividends.
--Sufficient asset coverage provided to the VRDP
Shares as calculated per MYJ's overcollateralization (OC) tests;
Further, the VRDP
shares were issued with terms established for an initial special rate period till June 2019 and during this period these shares will not be re-marketed, be subject to optional or mandatory tender events, or supported by a liquidity provider.
These are as follows:--$59,100,000 of VRDP
Shares, Series W-7, final mandatory redemption on May 31, 2048.
The fund has filed with the US Securities and Exchange Commission a notice of intent to redeem its VRDP
shares, at their USD100,000 liquidation preference per share, together with an optional redemption premium and an additional amount reflecting the final accumulated dividend amounts owed, on 21 October 2014.