Nuveen funds to redeem $56.4 million of its auction-rate securities

By Devika Patel

Knoxville, Tenn., Jan. 21 - Nuveen Investments said that three of its municipal closed-end funds plan to redeem a portion of their outstanding auction-rate preferred securities at par.

Nuveen Massachusetts Premium Income Municipal Fund is redeeming $17.03 million of its $34 million of auction-rate preferred securities; Nuveen North Carolina Premium Income Municipal Fund is redeeming $22.63 million of its $45.15 million of auction-rate preferred securities and Nuveen Connecticut Premium Income Municipal Fund is redeeming $16.75 million of its $33.45 million of auction-rate preferred securities.

These redemptions will be funded by an issue of MuniFund Term Preferred Shares.

Chicago-based Nuveen sells investment products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.