Four Nuveen Closed-End Funds Successfully Price Private Offering of Preferred Security
28 Juillet 2011 - 3:07PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions, high-net-worth and affluent investors,
today announced that four closed-end funds have successfully priced
private offerings of over $269 million of Variable Rate MuniFund
Term Preferred Shares (VMTP) as defined pursuant to Rule 144A under
the Securities Act of 1933. The proceeds from each offering will be
used to redeem at par all of the fund’s outstanding auction-rate
preferred shares (ARPS) which have been approved by the funds’
Board of Directors. The four funds and their corresponding amounts
of VMTP shares are as follows:
Nuveen Dividend Advantage Municipal Fund
(NYSE: NAD)
$120.4 million
Nuveen Insured Tax-Free Advantage
Municipal Fund (AMEX: NEA)
$67.6 million
Nuveen Michigan Premium Income Municipal
Fund, Inc. (NYSE: NMP)
$53.9 million
Nuveen Arizona Premium Income Municipal
Fund, Inc. (NYSE: NAZ)
$28.0 million
VMTP is a floating rate form of preferred stock with a mandatory
term redemption, in the case of these four offerings, on August 1,
2014. VMTP dividends will be set weekly at a fixed spread to the
Securities Industry and Financial Markets Association Municipal
Swap Index (SIFMA). VMTP shares will be securities that represent
the preferred stock of the fund and are senior, with priority in
all respects, to the fund’s common shares as to payments of
dividends.
Nuveen Investments provides high quality investment services
designed to help secure the long-term goals of institutions, high
net worth and affluent 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 - NWQ, Nuveen Asset Management, Santa
Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen
Investments had $212 billion of assets under management as of April
30, 2011. For more information, please visit the Nuveen Investments
website at www.nuveen.com.
This document is not an offer to sell any security and is not
soliciting an offer to buy any security.
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