From the Good Smile Company website:
"NicoRinPana" refers to the three μ's members Nico Yazawa, Rin Hoshizora and Hanayo Koizumi together as a single unit - from that unit comes a figure of Hanayo Koizumi!
The figure is based on the CD jacket illustration from the "LoveLive! μ's PR Team ~NicoRinPana~ vol.3" CD, and features Hanayo dressed in her school uniform wearing her glasses! Nico Yazawa and Rin Hoshizora are also planned to be released, allowing you to enjoy the full charm of NicoRinPana in your collection!