Nuveen Funds Board Approves Leverage Refinancing Plan for Five CEFS
November 20 2013 - 4:33PM
Business Wire
Closed-End Funds Issue Redemption Notices for Preferred
Shares
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced the Board of Trustees of five Nuveen municipal bond
closed-end funds has approved the funds’ plans to refinance all of
their respective MuniFund Term Preferred (MTP) shares and Variable
Rate MuniFund Term Preferred (VMTP) shares. Each fund has filed
with the Securities and Exchange Commission a notice of intention
to redeem all of its outstanding MTP shares and (in the case of one
fund) all but one series of VMTP shares, which will be refinanced
through a privately negotiated exchange transaction.
MTP and VMTP shares will be redeemed or exchanged at their
respective $10 and $100,000 liquidation preference per share, plus
an additional amount representing the final accumulated dividend
amounts owed. Each fund intends to finance its MTP and VMTP share
redemptions with the proceeds of either newly issued VMTP shares or
Variable Rate Demand Preferred (VRDP) shares. The redemptions are
contingent upon the completion of all aspects of the VMTP or VRDP
share placement, which may not occur as planned. Formal notice of
each redemption will be delivered to MTP and VMTP shareholders at a
later date through The Depository Trust Company (DTC).
The funds intending to redeem (or exchange) all series of their
MTP and VMTP shares are as follows:
Fund & Common Share Symbol MTP Share
Symbols MTP CUSIPs VMTP
CUSIPs Nuveen AMT-Free Municipal Income Fund (NEA)
NEA.PRC 670657 501 670657 600
Nuveen Dividend Advantage Municipal Fund (NAD)
NAD.PRC 67066V 507 67066V 705 Nuveen
Arizona Premium Income Municipal Fund (NAZ) NAZ.PRC;
NAZ.PRD 67061W 401; 67061W 609 67061W
302
Nuveen Michigan Quality Income Municipal
Fund (NUM)
NUM.PRC
670979 608
670979 400*670979 509
Nuveen Dividend Advantage Municipal Income Fund (NVG)
NVG.PRC 67071L 502 67071L 601
* Proposed to be refinanced through a privately negotiated
exchange transaction.
NEA, NAD, NAZ, and NUM intend to offer (and exchange in the case
of NUM) VMTP shares to qualified institutional buyers (as defined
in Rule 144A of the Securities Act of 1933) in private offerings
exempt from registration under the Securities Act of 1933. The
anticipated redemption date for the MTP shares of the funds is
December 20, 2013 and for the VMTP shares, January 6, 2014.
NVG intends to offer VRDP shares to a qualified institutional
buyer in a private offering exempt from registration under the
Securities Act of 1933. The anticipated redemption date for its MTP
and VMTP shares is December 23, 2013.
The address of the redemption and paying agent, Computershare
Inc., is as follows: 250 Royall Street, Canton, Massachusetts
02021.
No VMTP shares or VRDP shares have been registered under the
Securities Act of 1933 (the Securities Act) or any state securities
laws. Unless so registered, no VMTP shares or VRDP shares may be
offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities Act
and applicable state securities laws. This press release is neither
an offer to sell nor a solicitation of an offer to buy any of these
securities.
Nuveen Investments provides high-quality investment services
designed to help secure the long-term goals of institutional and
individual investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets a wide range of
specialized investment solutions which provide investors access to
capabilities of its high-quality boutique investment
affiliates—Nuveen Asset Management, LLC, Symphony Asset Management
LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset
Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital
Management, LLC and Gresham Investment Management LLC, all of which
are registered investment advisers and subsidiaries of Nuveen
Investments, Inc. Funds distributed by Nuveen Securities, LLC, a
subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments
managed nearly $215 billion as of September 30, 2013. For more
information, please visit the Nuveen Investments website at
www.nuveen.com.
FORWARD LOOKING STATEMENTS
Certain statements made in this release are forward-looking
statements. Actual future results or occurrences may differ
significantly from those anticipated in any forward-looking
statements due to numerous factors. These include, but are not
limited to:
- demand for, and acceptance by qualified
institutional buyers of, VMTP shares or VRDP shares in amounts
sufficient for each fund to refinance its MTP and VMTP shares;
- the need to obtain the agreement of all
parties to the final terms of the offerings of VMTP shares or VRDP
shares, including the liquidity providers if applicable;
- other legal and regulatory
developments; and
- other additional risks and
uncertainties.
Nuveen and the closed-end funds managed by Nuveen and its
affiliates undertake no responsibility to update publicly or revise
any forward-looking statement.
The Annual and Semi-Annual Reports and other regulatory filings
of the Nuveen closed-end funds with the Securities and Exchange
Commission (“SEC”) are accessible on the SEC’s web site at
www.sec.gov and on Nuveen’s web site at www.nuveen.com and may
discuss the above-mentioned or other factors that affect the Nuveen
closed-end funds. The information contained on the SEC’s web site
and our web site is not a part of this press release.
Nuveen InvestmentsMedia Contact:Kristyna Munoz(312)
917-8343KRISTYNA.MUNOZ@NUVEEN.COM
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