Four Nuveen Closed-End Funds Announce Preliminary Results of Tender Offers
September 22 2014 - 9:25AM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced the preliminary results of the tender offers conducted by
each of the closed-end funds listed below.
Nuveen Dividend Advantage Municipal Fund 3 (NYSE MKT:
NZF)Nuveen Dividend Advantage Municipal Income Fund (NYSE
MKT: NVG)Nuveen Municipal Advantage Fund, Inc. (NYSE:
NMA)Nuveen Quality Income Municipal Fund, Inc. (NYSE:
NQU)
As previously announced, each fund conducted a tender offer for
up to 10 percent of its outstanding common shares for cash at a
price per share equal to 98 percent of the net asset value per
share determined on the expiration date. Each fund’s tender offer,
which expired at 5:00 p.m. Eastern time on Friday, September 19,
2014, was oversubscribed. Because the number of shares tendered
exceeded the number of shares the funds offered for purchase, each
fund will purchase the maximum percentage of its respective
outstanding common shares on a pro-rata basis in accordance with
the number of shares tendered by each shareholder and the terms of
the Offer to Purchase.
Based on preliminary information, the following number of common
shares of each fund were tendered:
NZF:
18,623,127 shares tendered,
representing approximately 46.1% of the fund’s common shares
outstanding
NVG:
13,045,950 shares tendered,
representing approximately 44.0% of the fund’s common shares
outstanding
NMA:
14,669,190 shares tendered,
representing approximately 33.6% of the fund’s common shares
outstanding
NQU:
15,762,460 shares tendered,
representing approximately 29.0% of the fund’s common shares
outstanding
These figures do not include shares tendered through notice of
guaranteed delivery. The funds currently expect to announce the
final results of the tender offers on Friday, September 26,
2014.
For more information on these and other Nuveen closed-end funds
please visit www.nuveen.com/cef.
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.
Nuveen InvestmentsMedia Contact:Kristyna Munoz,
312-917-8343kristyna.munoz@nuveen.com
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