Two Nuveen Closed-End Funds Announce Actions Regarding MuniFund Term Preferred Shares
20 Gennaio 2011 - 10:15PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions and high-net-worth investors, today
announced that the Nuveen Maryland Dividend Advantage Municipal
Fund 3 (AMEX: NWI) has successfully completed the public
offering of $15.366 million of MuniFund Term Preferred Shares
(MTP). The net proceeds from this offering of MTP shares will be
used to refinance all of the fund’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 NWI PrD.
Additionally, the Nuveen Massachusetts Premium Income Municipal
Fund (NYSE: NMT) called for redemption at par all of its
outstanding auction-rate preferred securities (ARPS). The fund’s
Board of Trustees has approved this redemption, which totals $14.4
million and will be funded by proceeds received from the issuance
of MuniFund Term Preferred Shares (MTP).
NMT is redeeming all of its $14.4 million of currently
outstanding ARPS.
Series Cusip #
Total Shares Redeemed
Total Amount Redeemed
RedemptionDate TH 67061E203 576 $14,400,000
February 16, 2011
MTP is a fixed rate form of preferred stock with a mandatory
redemption period, in the case of this offering, 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 the cost of leverage should short-term interest rates
rise.
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.
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 NWQ, Nuveen Asset Management, Santa Barbara, Symphony,
Tradewinds, Winslow Capital and Nuveen HydePark. In total, Nuveen
Investments managed approximately $195 billion as of December 31,
2010. For more information, please visit the Nuveen Investments
website at www.nuveen.com.
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