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Nuveen muni fund plans redemption of all auction-rate preferreds
By Toni Weeks
San Diego, Dec. 21 - Nuveen Quality Income Municipal Fund, Inc. plans to redeem at par all of the fund's outstanding auction-rate preferred shares, which total $386,875,000.
This refinancing is expected to lower the relative costs of leverage for the fund over time and provide liquidity at par for the holders of the preferreds.
To finance the redemption, Nuveen completed a $388.4 million private offering of variable-rate demand preferreds on Dec. 21.
Nuveen is an investment management firm based in Chicago.
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