Two Nuveen Municipal Bond Closed-End Funds Complete Preferred Share Issuances
June 03 2014 - 4:30PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced that two funds have issued Variable Rate MuniFund Term
Preferred Shares (VMTP) through private placements with qualified
institutional buyers, as defined pursuant to Rule 144A under the
Securities Act of 1933 (the Securities Act). The proceeds of the
preferred issuances for the funds will be used to redeem all of
each Fund’s outstanding MuniFund Term Preferred (MTP) shares as
previously announced.
New VMTP issuance details are as follows:
Fund &
Common Share Symbol Shares
VMTP IssuanceAmount
($mm)
TermRedemption Date
Nuveen New York Dividend Advantage Municipal Fund
(NAN)
560 $56.00 mm July 1, 2017 Nuveen New York
Dividend Advantage Municipal Fund 2
(NXK) 380
$38.00 mm July 1, 2017
VMTP dividends will be set weekly at a spread to the Securities
Industry and Financial Markets Association Municipal Swap Index
(SIFMA). VMTP shares are preferred securities that are senior, with
priority in all respects, to the fund’s common shares in
liquidation and as to payments of dividends.
The proceeds of the completed VMTP issuances will be deposited
in trust with an affiliate of Computershare Inc., the Redemption
and Paying Agent for the MTP shares. This deposit will be held for
the benefit of MTP shareholders. MTP shares will be redeemed on
June 13, 2014. Official notification of the redemption will be
delivered to MTP shareholders through The Depository Trust Company
(DTC). Upon redemption of the MTP shares, the funds intend to
deregister and delist the MTP shares from the New York Stock
Exchange.
No VMTP shares have been registered under the Securities Act or
any state securities laws. Unless so registered, no VMTP 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 are distributed by Nuveen Securities, LLC,
a subsidiary of Nuveen Investments, Inc. In total, Nuveen
Investments managed nearly $225 billion as of March 31, 2014. For
more information, please visit the Nuveen Investments website at
www.nuveen.com.
Nuveen InvestmentsMedia Contact:Kathleen Cardoza(312)
917-7813kathleen.cardoza@nuveen.com
Nuveen New York Dividend Advantage Municipal Fund 2 Share of Beneficial Interest (delisted) (AMEX:NXK)
Historical Stock Chart
From Jul 2024 to Aug 2024
Nuveen New York Dividend Advantage Municipal Fund 2 Share of Beneficial Interest (delisted) (AMEX:NXK)
Historical Stock Chart
From Aug 2023 to Aug 2024