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Nuveen announces optional redemption prices for five closed-end funds
By Toni Weeks
San Luis Obispo, Calif., Dec. 19 - Nuveen Investments announced the optional redemption prices for the MuniFund Term Preferred shares called on Nov. 20 for redemption by five municipal bond closed-end funds.
According to a press release, the optional redemption price includes the liquidation preference of $10.00 per share plus accrued dividends to the redemption date, which will be Dec. 23 for the Nuveen Dividend Advantage Municipal Income Fund and Dec. 20 for the remaining funds.
The prices are as follows:
• $10.01425 for the Nuveen Dividend Advantage Municipal Fund (Symbol: NAD PrC);
• $10.01081945 for the Nuveen Arizona Premium Income Municipal Fund (Symbol: NAZ PrC);
• $10.01530556 for the Nuveen Arizona Premium Income Municipal Fund (Symbol: NAZ PrD);
• $10.01504167 for the Nuveen AMT-Free Municipal Income Fund (Symbol: NEA PrC);
• $10.01213889 for the Nuveen Michigan Quality Income Municipal Fund (Symbol: NUM PrC); and
• $10.01802778 for the Nuveen Dividend Advantage Municipal Income Fund (Symbol: NVG PrC).
As previously reported, Nuveen will finance the redemptions with the proceeds of new preferreds issued to qualified institutional buyers in private offerings. The Nuveen Dividend Advantage Municipal Income Fund plans to offer variable-rate demand preferreds to one buyer, and the remaining funds plan to offer variable-rate MuniFund term preferreds.
The investment management firm is based in Chicago.
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