BB&T Capital Markets Serves as a Bookrunner on Nuveen Preferred & Income 2022 Term Fund’s Initial Public Offering

Transaction Summary

BB&T Capital Markets’ Financial Services Group completed a transaction for Nuveen Investment Inc.’s High Income November 2022 Target Term Fund (“JPT”) in the first quarter of 2017, helping to raise $162,500,000 in gross proceeds for our client.

The Fund will invest the net proceeds of the offering in accordance with the Fund’s investment objective and policies as stated below. It is presently anticipated that the Fund will be able to invest substantially all of the net proceeds in accordance with the Fund’s investment objective and policies within approximately three months after the completion of the offering. The Fund has granted the underwriters an option to purchase up to 975,000 additional shares to cover over-allotments.

About the Companies

Nuveen Preferred and Income 2022 Term Fund (the “Fund”) is a newly organized, non-diversified, closed-end management investment company. The Fund’s investment objective is to provide a high level of current income and total return. The Fund intends to liquidate and distribute substantially all of its net assets to shareholders on or before March 1, 2022.

Financial Services

BB&T Capital Markets Financial Services Group has extensive experience providing community banks and thrifts, business development companies, and other specialty finance companies with a full range of public and private capital raising solutions, M&A advisory, fairness opinions and other strategic advisory services.

About BB&T Capital Markets

BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 11 distinct industry verticals including Aerospace, Defense & Government Services; Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.

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    BB&T Capital Markets’ Financial Services Group completed a transaction for Monroe Capital Corporation, a Business Development Company (“BDC”), in the second quarter of 2017, helping to raise $51,750,000 in gross proceeds for our client.

    Monroe Capital Corporation intends to use the net proceeds of this offering to repay indebtedness, make future investments, and for general corporate purposes. Total gross proceeds includes the exercise of the underwriters’ 30-day over-allotment option.

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    BB&T Capital Markets’ Financial Services Group completed a preferred stock transaction for Oxford Lane Capital Corporation, a Business Development Company (“BDC”), in the second quarter of 2017, helping to raise $68,235,375 in gross proceeds for our client. The preferred stock trades on the NasdaqGSM under the symbol “OXLCM”.

    Oxford Lane Capital Corporation intends to use the net proceeds to redeem the 8.125% Series 2024 Term Preferred Stock. Total gross proceeds includes the exercise of the underwriters’ 30-day over-allotment option.

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    Capitala expects to use a portion of the net proceeds from the 6.00% Senior Notes due 2022, and the 5.75% Convertible Notes due 2022 offerings to redeem all of the outstanding indebtedness under the 7.125% 2014 Notes. On May 26, 2017, Capitala officially called the remaining $113.44mm in aggregate principal of the 2014 Notes, and will redeem them on June 25, 2017 at 100% of their principal amount ($25 per note), plus accrued and unpaid interest. Any net proceeds in excess of the outstanding indebtedness of the 2014 Notes will be used to repay borrowings under Capitala’s credit facility. Total gross proceeds of the Senior Notes includes the $5.0mm exercise of the underwriter’s 30 day overallotment option. Capitala also granted the underwriter’s a 30 day option to purchase an additional $7.50mm Convertible Notes to cover overallotments.

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    Capitala expects to use a portion of the net proceeds from the 6.00% Senior Notes due 2022, and the 5.75% Convertible Notes due 2022 offerings to redeem all of the outstanding indebtedness under the 7.125% 2014 Notes. On May 26, 2017, Capitala officially called the remaining $113.44mm in aggregate principal of the 2014 Notes, and will redeem them on June 25, 2017 at 100% of their principal amount ($25 per note), plus accrued and unpaid interest. Any net proceeds in excess of the outstanding indebtedness of the 2014 Notes will be used to repay borrowings under Capitala’s credit facility. Total gross proceeds of the Senior Notes includes the $5.0mm exercise of the underwriter’s 30 day overallotment option. Capitala also granted the underwriter’s a 30 day option to purchase an additional $7.50mm Convertible Notes to cover overallotments.

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  • Nuveen Credit Opportunities 2022 Target Term Fund (NYSE: JCO)

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    The Fund will invest the net proceeds of the offering in accordance with the Fund’s investment objective and policies. The Fund has granted the underwriters a 45 day option to purchase up to 3,825,000 additional shares to cover over-allotments.

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    Proceeds from the offering are being used for general corporate purposes.

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  • Morgan Stanley (NYSE: MS)

    On February 14, 2017, BB&T Capital Markets served as a co-manager for a $3 billion offering of floating rate senior notes due 2020 by Morgan Stanley.

    Proceeds from the offering are being used for general corporate purposes.

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  • Nuveen High Income November 2022 (NYSE: JPT)

    BB&T Capital Markets’ Financial Services Group completed a transaction for Nuveen Investment Inc.’s High Income November 2022 Target Term Fund (“JPT”) in the first quarter of 2017, helping to raise $162,500,000 in gross proceeds for our client.

    The Fund will invest the net proceeds of the offering in accordance with the Fund’s investment objective and policies as stated below. It is presently anticipated that the Fund will be able to invest substantially all of the net proceeds in accordance with the Fund’s investment objective and policies within approximately three months after the completion of the offering. The Fund has granted the underwriters an option to purchase up to 975,000 additional shares to cover over-allotments.

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  • Oxford Lane Capital Corporation (NASDAQ GS: OXLC)

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    The Company intends to use the net proceeds from this offering to acquire investments in accordance with its investment objective and strategies and for general working capital purposes. The Company has granted the underwriters a 30-day option to purchase an additional 183,673 shares at the public offering price to cover over-allotments, if any.

    

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  • Capitala Finance Corp (NASDAQ GS: CPTA)

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    The Company intends to use the net proceeds from this offering for new investments in portfolio companies in accordance with the Company's investment objective and strategies, and for working capital purposes.

     

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  • Wells Fargo & Company (NYSE: WFC)

    On April 23, 2015, BB&T Capital Markets served as a senior co-manager for a $2 billion offering of 3.90% medium-term notes due in 2045 by Wells Fargo & Company. Proceeds from the offering were used for general corporate purposes.

    

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  • Citigroup Inc. (NYSE: C)

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  • Morgan Stanley (NYSE: MS)

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