Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced that Nuveen New Jersey Dividend Advantage Municipal Fund (AMEX: NXJ) 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 $43.925 million and will be funded by proceeds received from the issuance of MuniFund Term Preferred Shares (MTP).
|NXJ is redeeming all of its $43.925 million of currently outstanding ARPS.|
|Total Shares||Total Amount||Redemption|
|T||67069Y201||1,757||$43,925,000||April 18, 2011|
Additionally, the Nuveen California Dividend Advantage Municipal Fund 2 (AMEX: NVX) has successfully completed the public offering of $40.806 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 NVX PrA.
MTP is a fixed rate form of preferred stock with a mandatory redemption period, in the case of the NVX offering, of three 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV