Nuveen to redeem MuniFund Term Preferred shares from three funds

By Tali David

Minneapolis, Aug. 7 - Nuveen Investments said three of its funds will redeem all of their MuniFund Term Preferred shares, according to a press release.

The Nuveen California Dividend Advantage Municipal Fund 2, Nuveen New Jersey Dividend Advantage Municipal Fund and the Nuveen Virginia Premium Income Municipal Fund elected to redeem their preferreds at $10 liquidation value per share plus dividends on Sept. 9.

Each fund expects to finance the redemptions with the proceeds of newly issued variable-rate demand preferred shares and the redemptions are contingent upon the completion of all aspects of variable-rate demand preferred share placement, which may not occur as planned.

Computershare Inc. is the redemption and paying agent.

Nuveen is a Chicago-based investment services company.

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