Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced the Board of Trustees of three Nuveen municipal bond closed-end funds has approved the funds’ plans to redeem at their $10.00 liquidation value per share, plus an additional amount representing any dividend amounts owed, the shares of all series of their MuniFund Term Preferred (MTP) shares with the proceeds of newly issued Variable Rate Demand Preferred (VRDP) shares, subject to completion of all aspects of VRDP share placement, which may not occur as planned.
The funds intending to redeem all series of their MTP shares are as follows:
|Fund||MTP Share Symbols||Common Share Symbols|
|Nuveen California Dividend Advantage Municipal Fund 2||NVX PrA, NVX PrC||NVX|
|Nuveen New Jersey Dividend Advantage Municipal Fund||NXJ PrA||NXJ|
|Nuveen Virginia Premium Income Municipal Fund||NPV PrA, NPV PrD, NPV PrE, NPV PrC||NPV|
The funds intend to offer VRDP shares to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act of 1933, and to complete the MTP refinancing before October 1, 2013. Details regarding specific terms and timing of the redemptions will be communicated at a later date through filings with the Securities and Exchange Commission, and accompanied by a public press release at that time.