Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced the Board of Trustees of five Nuveen municipal bond closed-end funds has approved the funds’ plans to refinance all of their respective MuniFund Term Preferred (MTP) shares and Variable Rate MuniFund Term Preferred (VMTP) shares. Each fund has filed with the Securities and Exchange Commission a notice of intention to redeem all of its outstanding MTP shares and (in the case of one fund) all but one series of VMTP shares, which will be refinanced through a privately negotiated exchange transaction.
MTP and VMTP shares will be redeemed or exchanged at their respective $10 and $100,000 liquidation preference per share, plus an additional amount representing the final accumulated dividend amounts owed. Each fund intends to finance its MTP and VMTP share redemptions with the proceeds of either newly issued VMTP shares or Variable Rate Demand Preferred (VRDP) shares. The redemptions are contingent upon the completion of all aspects of the VMTP or VRDP share placement, which may not occur as planned. Formal notice of each redemption will be delivered to MTP and VMTP shareholders at a later date through The Depository Trust Company (DTC).
The funds intending to redeem (or exchange) all series of their MTP and VMTP shares are as follows:
|Fund & Common Share Symbol||MTP Share Symbols||MTP CUSIPs||VMTP CUSIPs|
|Nuveen AMT-Free Municipal Income Fund (NEA)||NEA.PRC||670657 501||670657 600|
|Nuveen Dividend Advantage Municipal Fund (NAD)||NAD.PRC||67066V 507||67066V 705|
|Nuveen Arizona Premium Income Municipal Fund (NAZ)||NAZ.PRC; NAZ.PRD||67061W 401; 67061W 609||67061W 302|
Nuveen Michigan Quality Income Municipal Fund (NUM)
670979 400*670979 509
|Nuveen Dividend Advantage Municipal Income Fund (NVG)||NVG.PRC||67071L 502||67071L 601|
* Proposed to be refinanced through a privately negotiated exchange transaction.