Nuveen Investments, a leading global provider of investment services to institutions, as well as individual investors, today announced that three national municipal closed-end funds have successfully completed Variable Rate MuniFund Term Preferred Shares (VMTP) transactions in privately negotiated exchange offers and private placements. The funds and their corresponding amounts of VMTP shares are as follows:
|Nuveen Premium Income Municipal Fund, Inc. (NYSE: NPI)||$407.0 million|
|Nuveen Performance Plus Municipal Fund, Inc. (NYSE: NPP)||$535.0 million|
|Insured Quality Municipal Fund, Inc. (NYSE: NQI)||$240.4 million|
In these transactions, each fund completed an exchange offer in which it refinanced its existing VMTP shares with new VMTP shares at a reduced cost and with a term redemption date of December 1, 2015. Two of the funds, NPI and NPP, have also issued additional VMTP shares totaling $4.6 million and $113.3 million, respectively. The proceeds from the additional shares will be used to take advantage of opportunities in the current municipal market.
VMTP dividends will be set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). VMTP shares are preferred securities of the fund and are senior, with priority in all respects, to the fund’s common shares in liquidation and as to payments of dividends.
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