Simpson Thacher represented the underwriters, led by Wells Fargo Securities, LLC, UBS Securities LLC and Nuveen Securities, LLC, in connection with the initial public offering of Nuveen Preferred and Income Term Fund (the “Fund”). The offering raised approximately $575 million, assuming full exercise of the underwriters’ option to purchase additional shares.
The Fund is a newly organized, non-diversified closed-end management investment company which trades on the New York Stock Exchange under the symbol “JPI”. The Fund’s investment objective is to provide a high level of current income and total return. Nuveen Fund Advisors, Inc. is the Fund’s investment adviser and Nuveen Asset Management, LLC is the Fund’s sub-adviser.
The Simpson Thacher team for the transaction included: Sarah Cogan, Jeremy Barr and Allan Chorny (Capital Markets); Joyce Xu, Solomon Bashi and Brian Chernoff (Derivatives); Jonathan Cantor (Tax); Dorothy Mehta (CFTC) and Jennie Getsin (Blue Sky and FINRA).
