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Four Nuveen Municipal Bond Closed-End Funds Complete VMTP Transactions

Stocks in this article: NAD NAZ NEA NUM

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that three funds have issued Variable Rate MuniFund Term Preferred Shares (VMTP) through private placements with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933. The fourth fund entered into a privately negotiated exchange transaction of an existing VMTP series along with the issuance of incremental shares with a qualified institutional buyer as defined pursuant to Rule 144A under the Securities Act of 1933. The proceeds of the issuance for all four funds will be used to redeem all of the outstanding MuniFund Term Preferred (MTP) and non-exchanged VMTP shares as previously announced.

New VMTP issuance details are as follow:

                 
      VMTP Issuance  
Fund   Ticker   Shares   Amount ($mm)   Term Redemption Date
Nuveen Arizona Premium Income Municipal Fund   NAZ   790   $79.00   December 30, 2016
Nuveen Michigan Quality Income Municipal Fund   NUM   1,590   $159.00*   December 30, 2016
Nuveen AMT-Free Municipal Income Fund   NEA   1,510   $151.00   December 30, 2016
Nuveen Dividend Advantage Municipal Fund   NAD   2,650   $265.00   December 30, 2016

* 879 ($87.9mm) VMTP shares completed through a privately negotiated exchange transaction

 

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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