Nuveen to redeem MuniFund Term Preferred shares from three funds

By Tali David

Minneapolis, July 22 - Nuveen Investments said the board of trustees of three municipal bond closed-end funds approved the funds' plans to redeem all series of their MuniFund Term Preferred shares with the proceeds of newly issued variable-rate demand preferred shares.

The Nuveen California Dividend Advantage Municipal Fund 2, the Nuveen New Jersey Dividend Advantage Municipal Fund and the Nuveen Virginia Premium Income Municipal Fund elected to redeem their shares at $10 liquidation value per share plus dividends, according to a press release.

The funds intend to offer variable-rate demand preferred shares to qualified institutional buyers in private offerings under Rule 144A of the Securities Act of 1933 and to complete the MuniFund Term Preferred refinancing before Oct. 1.

Nuveen is a Chicago-based investment services company.

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