Nuveen California Dividend muni fund to redeem auction-rate preferred

By Susanna Moon

Chicago, Oct. 13 - Nuveen California Dividend Advantage Municipal Fund 2 plans to refinance and redeem all of the fund's outstanding municipal auction-rate cumulative preferred shares, according to a N-2 filing with the Securities and Exchange Commission.

Funding will come from an issue of preferred shares due 2015 with a liquidation preference of $10 per share.

Proceeds from the issue also will be used to maintain the fund's leveraged capital structure.

The Chicago-based fund is a diversified, closed-end management investment company that trades on the New York Stock Exchange under "NVX Pr C."

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