NGB Nuveen Virginia Dividend Advantage Municipal Fund Common Shares of Beneficial Interest

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the Nuveen Virginia Dividend Advantage Municipal Fund (AMEX: NGB) has successfully completed the issuance of $20.1 million of MuniFund Term Preferred Shares (MTP). The net proceeds from the offering of MTP shares will be used to refinance all of NGB’s outstanding auction-rate preferred securities (ARPS). MTP shares are expected to trade on the New York Stock Exchange (NYSE) within 30 days of original issuance under the symbol NGB PrC.

MTP is a fixed rate form of preferred stock with a mandatory redemption period of five years. By issuing MTP, the fund seeks to take advantage of the current historically low interest rate environment to lock in an attractive tax-exempt cost of leverage for a period as long as the term of the MTP. Issuing MTP helps the fund mitigate the risk of a significant increase in its cost of leverage should short-term interest rates rise.

The Nuveen Virginia Dividend Advantage Municipal Fund is a leveraged closed-end fund that seeks to provide current income exempt from both federal income taxes and Virginia income taxes and enhance portfolio value.

The fund invests at least 80 percent of its net assets in investment grade quality municipal bonds (Baa/BBB or better) and may invest up to 20 percent of its net assets in municipal bonds that are rated Ba/BB or B or that are unrated but judged to be of comparable quality.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in MTP shares of the fund, please contact your securities representative or Nuveen Investments, LLC, 333 W. Wacker Drive, Chicago, IL 60606 or www.nuveen.com/cef. Investors should read the prospectus carefully before they invest or send money.

This document is not an offer to sell this security and is not soliciting an offer to buy this security in any state where the offer or sale is not permitted.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $141 billion as of September 30, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen Virginia Dividend Advantage Municipal Fund Common Shares of Beneficial Interest (AMEX:NGB)
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Nuveen Virginia Dividend Advantage Municipal Fund Common Shares of Beneficial Interest (AMEX:NGB)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024