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.