Nuveen Investments, a leading global provider of investment services to institutions, high-net-worth and affluent investors, today announced that four closed-end funds have successfully priced private offerings of over $269 million of Variable Rate MuniFund Term Preferred Shares (VMTP) as defined pursuant to Rule 144A under the Securities Act of 1933. The proceeds from each offering will be used to redeem at par all of the fund’s outstanding auction-rate preferred shares (ARPS) which have been approved by the funds’ Board of Directors. The four funds and their corresponding amounts of VMTP shares are as follows:
Nuveen Dividend Advantage Municipal Fund (NYSE: NAD)
Nuveen Insured Tax-Free Advantage Municipal Fund (AMEX: NEA)
Nuveen Michigan Premium Income Municipal Fund, Inc. (NYSE: NMP)
Nuveen Arizona Premium Income Municipal Fund, Inc. (NYSE: NAZ)
VMTP is a floating rate form of preferred stock with a mandatory term redemption, in the case of these four offerings, on August 1, 2014. VMTP dividends will be set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). VMTP shares will be securities that represent the preferred stock of the fund and are senior, with priority in all respects, to the fund’s common shares as to payments of dividends.
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