Three Nuveen Closed-End Funds Announce Intention to Redeem Preferred Shares
September 05 2014 - 4:30PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced that the Board of three Nuveen municipal bond closed-end
funds has approved the funds’ plans to redeem a portion of their
preferred shares. Each fund has filed, or will file, with the
Securities and Exchange Commission a notice of intention to redeem
a portion of its outstanding Variable Rate MuniFund Term Preferred
(VMTP) shares, in the case of Nuveen Dividend Advantage Municipal
Fund 3 (NZF) or a portion of its outstanding Variable Rate Demand
Preferred (VRDP) shares, in the case of Nuveen Municipal Advantage
Fund, Inc. (NMA) and Nuveen Quality Income Municipal Fund, Inc.
(NQU).
VMTP and VRDP shares will be redeemed at their respective
$100,000 liquidation preference per share, plus an additional
amount representing the final accumulated dividend amounts owed.
Each fund intends to finance its preferred share redemptions with
cash on hand and from the proceeds of sales of securities in its
investment portfolio. The redemptions are contingent upon the
completion of each fund’s previously announced common share tender
offer, which may be delayed or extended as determined by the Board.
Formal notice of each redemption will be delivered to preferred
shareholders at a later date through The Depository Trust Company
(DTC).
The funds intending to redeem a portion of their preferred
shares are as follows:
Fund
Common Share
Symbol
VMTP CUSIP
VRDP CUSIP
Nuveen Dividend Advantage Municipal Fund 3 NZF 67070X
705 N/A Nuveen Municipal Advantage Fund, Inc. NMA
N/A 67062H 700 Nuveen Quality Income Municipal Fund,
Inc. NQU N/A 670977 800
The anticipated redemption date for the VMTP shares of NZF is
October 6, 2014. The anticipated redemption date for VRDP shares of
NMA and NQU is October 10, 2014.
The address of the VMTP shares redemption and paying agent,
Computershare Inc., is 250 Royall Street, Canton, Massachusetts
02021. The address of the VRDP shares tender and paying agent, The
Bank of New York Mellon, is 101 Barclay Street, New York, New York
10286.
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 $231 billion as of June 30, 2014. 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:
- the consummation of each fund’s common
share tender offer for a portion of its outstanding common
shares;
- having the cash on hand or generating
enough proceeds from the sale of portfolio securities sufficient
for each fund to redeem a portion of its VMTP or VRDP shares;
- 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.
3032-INV-O09/15
Nuveen InvestmentsMEDIA CONTACT:Kristyna Munoz(312)
917-8343KRISTYNA.MUNOZ@NUVEEN.COM
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