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Four Nuveen municipal bond funds to refinance MuniFund term preferreds
By Angela McDaniels
Tacoma, Wash., Jan. 24 - Four Nuveen municipal bond closed-end funds plan to issue new preferred shares and use the proceeds to redeem all of their MuniFund term preferreds and variable-rate MuniFund term preferreds, according to a news release from Nuveen Investments.
The affected funds are the Nuveen New York AMT-Free Municipal Income Fund, the Nuveen Dividend Advantage Municipal Fund 3, the Nuveen North Carolina Premium Income Municipal Fund and the Nuveen Connecticut Premium Income Municipal Fund.
The MuniFund term preferreds will be redeemed at par of $10 plus any dividend amounts owed.
The variable-rate MuniFund term preferreds will be redeemed at par of $100,000 plus any dividend amounts owed.
Nuveen is an investment management firm based in Chicago.
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