Nuveen wraps private exchange for four variable-rate demand preferreds

By Susanna Moon

Chicago, June 25 - Nuveen said it completed a private exchange offer in which the variable-rate demand preferred shares issued by four of its funds were exchanged for new preferreds with terms substantially similar to the terms for those issued by six Nuveen closed-end funds earlier this year.

The principal difference in terms is the requirement that the funds redeem preferreds owned by the liquidity provider if they have been owned through six months of unsuccessful remarketing.

The four funds that completed the exchange offers are as follows:

• Nuveen Insured Premium Income Municipal Fund 2;

• Nuveen Dividend Advantage Municipal Fund 2;

• Nuveen Insured New York Dividend Advantage Municipal Fund; and

• Nuveen Insured California Tax Free Advantage Municipal Fund.

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