Municipal Fund Preferred Shares of 3 Nuveen Closed-End Funds Began Trading on NYSE
09 Marzo 2010 - 3:03PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions and high-net-worth investors, today
announced the MuniFund Term Preferred shares (MTP) of three Nuveen
closed-end funds, Nuveen Insured Massachusetts Tax-Free Advantage
Municipal Fund (NYSE: NGX PrC), Nuveen North Carolina
Dividend Advantage Municipal Fund 3 (NYSE: NII PrC) and
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NYSE:
NGO PrC), began trading on the New York Stock Exchange
(NYSE) on Monday, March 8, 2010.
MTP is a fixed rate form of preferred stock with a mandatory
redemption period, in the case of these three offerings, of five
years. By issuing MTP, the funds seek 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 funds mitigate the risk of a
significant increase in its cost of leverage should short-term
interest rates rise.
Also, the Nuveen Maryland Dividend Advantage Municipal Fund 3
(AMEX: NWI) called for redemption at par a portion of its
outstanding auction-rate preferred securities. This redemption will
be funded by proceeds received from the issuance of MuniFund Term
Preferred Shares (MTP).
NWI is redeeming $2.65 million of its $17.475 million
currently outstanding ARPS.
Series Cusip #
Total Shares Redeemed Total
Amount Redeemed
RedemptionDate T
67072A208 106 $2,650,000
March 29, 2010
For more information about Nuveen closed-end funds, visit
www.nuveen.com/cef. ARPS information and updates are posted on
Nuveen’s auction-rate preferred resource center at
www.nuveen.com/arps.
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.
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