Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced the Board of Trustees of two Nuveen municipal bond closed-end funds has approved a new leverage refinancing plan to redeem all of their respective outstanding preferred shares. MuniFund Term Preferred (MTP) shares will be redeemed at its $10.00 liquidation value per share plus an additional amount representing any dividend amounts owed. Variable MuniFund Term Preferred (VMTP) shares will be redeemed at its $100,000.00 liquidation value per share plus an additional amount representing any dividend amounts owed. The redemption of both MTP and VMTP will be made 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 MTP and/or VMTP shares and the specific series participating are as follows:
|Fund||Preferred Share Description||Common Share Symbols|
|Nuveen California Dividend Advantage Municipal Fund 3||
|NZH PrA, NZH PrB, NZH PrC|
|Nuveen Ohio Quality Income Municipal Fund||
|NUO PrA, NUO PrC, NUO PrD|
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 refinancing before November 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.