Nuveen California muni fund calls $73.5 million of two series of auction-rate preferreds at par

By Susanna Moon

Chicago, Dec. 22 - Nuveen California Dividend Advantage Municipal Fund 3 said it will redeem $73.5 million of its $154.075 million outstanding auction-rate preferred securities.

The fund will redeem $36.75 million of its series M preferreds on Jan. 14 and $36.75 million of its series TH preferreds on Jan. 13.

Nuveen will pay par for the preferreds.

The redemption will be funded by proceeds from the issuance of MuniFund term preferreds.

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