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Nuveen California to redeem $48.9 million of auction-rate preferreds
By Marisa Wong
Madison, Wis., Oct. 22 - Nuveen Investments said that the Nuveen California Dividend Advantage Municipal Fund 2 will redeem $48.9 million of its $93.775 million of outstanding auction-rate preferred securities at par.
To be redeemed on Nov. 19 are $24.45 million of series M preferreds, and to be redeemed on Nov. 18 are $24.45 million of series F preferreds.
The redemption will be funded with proceeds from the issuance of MuniFund term preferred shares.
Nuveen is an investment management firm based in Chicago.
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