Nuveen Preferred and Income 2022 Term Fund (NYSE:JPT) announces a share repurchase program. Under the offer, the company will repurchase up to 3,955,722 shares, allowing shareholders to tender 100% of their shares for repurchase at net asset value. If the fund's net assets taking into account shares properly tendered in the tender offer would be $70 million or greater, the tender offer will be completed and the fund's term structure will be eliminated.

If the fund's net assets after taking into account the shares tendered in the tender offer would be less than $70 million, the tender offer will not be completed and no common shares will be repurchased, the restructuring proposal will not be implemented. The Fund intends to fund the purchase price for tendered shares primarily through cash on hand and sales of portfolio securities. As of January 18, 2022, there were 6,846,241 Shares issued and outstanding.