Several Nuveen Closed-End Funds Announce Actions Regarding MuniFund Term Preferred Shares
10 Dicembre 2010 - 11:54PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions and high-net-worth investors, today
announced that the Nuveen New York Dividend Advantage Municipal
Fund (NYSE: NAN), Nuveen North Carolina Premium Income Municipal
Fund (NYSE: NNC) and Nuveen Connecticut Premium Income Municipal
Fund (NYSE: NTC) have each successfully completed their public
offering of $22.56 million, $22.20 million, and $16.28 million
respectively, of MuniFund Term Preferred Shares (MTP). The net
proceeds from these offerings of MTP shares will be used to
refinance the remaining portion of the funds’ 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 symbols NAN PrD, NNC PrD and
NTC PrD respectively.
MTP is a fixed rate form of preferred stock with a mandatory
redemption period, in the case of these two offerings, of five
years. By issuing MTP, the funds 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 funds 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 funds
carefully before investing. For a prospectus which contains this
and other information relevant to an investment in MTP shares of
the funds, 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, Santa Barbara, Symphony, Tradewinds, Winslow
Capital and Nuveen HydePark. In total, the Company managed nearly
$163 billion as of September 30, 2010. For more information, please
visit the Nuveen Investments website at www.nuveen.com.
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