Nuveen Funds Board Approves Leverage Refinancing Plan For Five CEFS

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 608    

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.

NEA, NAD, NAZ, and NUM intend to offer (and exchange in the case of NUM) VMTP shares to qualified institutional buyers (as defined in Rule 144A of the Securities Act of 1933) in private offerings exempt from registration under the Securities Act of 1933. The anticipated redemption date for the MTP shares of the funds is December 20, 2013 and for the VMTP shares, January 6, 2014.

NVG intends to offer VRDP shares to a qualified institutional buyer in a private offering exempt from registration under the Securities Act of 1933. The anticipated redemption date for its MTP and VMTP shares is December 23, 2013.

The address of the redemption and paying agent, Computershare Inc., is as follows: 250 Royall Street, Canton, Massachusetts 02021.

No VMTP shares or VRDP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VMTP shares or 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 institutional and individual 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—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed nearly $215 billion as of September 30, 2013. For more information, please visit the Nuveen Investments website at


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:
  • demand for, and acceptance by qualified institutional buyers of, VMTP shares or VRDP shares in amounts sufficient for each fund to refinance its MTP and VMTP shares;
  • the need to obtain the agreement of all parties to the final terms of the offerings of VMTP shares or VRDP shares, including the liquidity providers if applicable;
  • other legal and regulatory developments; and
  • other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statement.

The Annual and Semi-Annual Reports and other regulatory filings of the Nuveen closed-end funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC’s web site at and on Nuveen’s web site at and may discuss the above-mentioned or other factors that affect the Nuveen closed-end funds. The information contained on the SEC’s web site and our web site is not a part of this press release.

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