Company: NPFD
Filing Date: 2025-04-04
Form Type: N-CSRS
Source: 0001193125-25-073013
Chunk: 2

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-04-04
Form: N-CSRS
Chunk 2
---

new

Common

Share

for

every

5

Rights

held

(1-for-5),

for

an

aggregate

of

up

to

an

additional

26,911,238

Common

Shares.

Holders

of

Rights

were

entitled

to

subscribe

for

additional

Common

Shares

(the

“Offer”)

at

a

discount

to

the

market

price

of

the

Common

Shares,

prior

to

5:00

p.m.,

Eastern

time,

on

February

19,

2025

(the

“Expiration

Date”).

The

subscription

price

per

Common

Share

(the

“Subscription

Price”)

was

$8.20

per

Common

Share,

which

was

equal

to

90%

of

the

Fund’s

net

asset

value

per

Common

Share

at

the

close

of

trading

on

the

NYSE

on

the

Expiration

Date.

The

gross

proceeds

of

the

Offer

were

approximately

$220.7

million

(including

oversubscription

requests

and

notices

of

guaranteed

delivery).

The

Offer

was

over-subscribed;

however,

the

Fund

did

not

exercise

the

secondary

over-subscription

privilege.

The

available

primary

over-subscription

shares

were

allocated

pro-rata

among

those

fully

exercising

record

date

shareholders

who

over-subscribed

based

on

the

number

of

rights

originally

issued

to

them

by

the

Fund.

The

Fund

returned

to

those

investors

that

submitted

over-subscription

requests

the

full

amount

of

their

excess

payments.

The

Common

Shares

subscribed

for

were

issued

on

February

25,

2025,

after

completion

of

the

pro-rata

allocation

of

Common

Shares

in

respect

of

the

primary

oversubscription

privilege

and

receipt

of

all

shareholder

payments.

More

details

about

the

Fund’s

rights

offering

is

available

within

these

Notes

to

###