Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced that two closed-end funds each has priced a private offering of Variable Rate Demand Preferred (VRDP) shares to be placed with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933. The following amounts of VRDP shares have been issued by each fund:
|Nuveen California Dividend Advantage Municipal Fund (NYSE: NAC)||$136.2 million|
|Nuveen Insured California Dividend Advantage Municipal Fund (AMEX: NKL)||$104.4 million|
VRDP dividends will be set weekly at a rate established by Morgan Stanley & Co. LLC as remarketing agent, subject to a maximum rate which will increase over time in the event of an extended period of unsuccessful remarketing.This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that the fund’s common and preferred shareholders have been informed of the fund’s issuance of VRDP and its intention to redeem its outstanding ARPS, which may not occur as scheduled. No VRDP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VRDP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities. Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions, high net worth and affluent investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments had $212 billion of assets under management as of April 30, 2011. For more information, please visit the Nuveen Investments website at www.nuveen.com. FORWARD LOOKING STATEMENTS Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:
- market developments;
- legal and regulatory developments; and
- other additional risks and uncertainties.