Four Nuveen Municipal Bond Closed-End Funds Complete VMTP Transactions

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.

The proceeds of the VMTP issuance were deposited in trust with an affiliate of Computershare, Inc., the Redemption and Paying Agent for the MTP and VMTP shares. This deposit will be held for the benefit of MTP and non-exchanged VMTP shareholders, as applicable. MTP shares will be redeemed on December 20, 2013 and non-exchanged VMTP shares will be redeemed on January 6, 2014. Official notification of the redemption will be delivered to MTP and VMTP shareholders through The Depository Trust Company (DTC). Upon redemption the MTP shares, the funds intend to deregister and delist the MTP shares from the New York Stock Exchange.

No VMTP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VMTP 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 www.nuveen.com.

Copyright Business Wire 2010

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