Three Nuveen closed-end funds to redeem auction-rate preferreds

By Marisa Wong

Milwaukee, Feb. 23 - Nuveen Investments announced that two of its municipal closed-end funds will redeem all of their outstanding auction-rate preferred securities at par, and one closed-end fund will redeem a portion of its auction-rate preferreds at par.

Nuveen Georgia Premium Income Municipal Fund (NPG) will redeem in full its $25.7 million of outstanding series TH auction-rate preferred securities on March 17.

Nuveen Georgia Dividend Advantage Municipal Fund (NZX) will redeem all $13.9 million of its outstanding series M auction-rate preferreds on March 19.

And, Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI) will redeem $17.525 million of its $35 million of series T auction-rate preferreds on March 22.

These redemptions will be funded with proceeds from the issuance of MuniFund term preferred shares.

Chicago-based Nuveen sells investment products.

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