Nuveen to redeem 12 series of ARPS using private offering proceeds

By Jennifer Chiou

New York, Aug. 12 - Nuveen announced that four of its funds will use the proceeds from a private offering of $445 million total of variable-rate demand preferred shares to fund the redemption of a dozen series of their auction-rate preferred shares.

Specifically, the Nuveen Pennsylvania Investment Quality Municipal Fund placed $112.5 million of the VRDPs, while Nuveen Pennsylvania Premium Income Municipal Fund 2 came in with $100 million, Nuveen New Jersey Investment Quality Municipal Fund at $144.3 million and Nuveen New Jersey Premium Income Municipal Fund at $88.6 million.

The following ARPS will be redeemed at par:

• Nuveen New Jersey Investment Quality Municipal Fund's $70.85 million of series M shares on Sept. 2, $44.3 million of series TH shares on Sept. 8 and $28.3 million of series F shares on Sept. 2;

• Nuveen New Jersey Premium Income Municipal Fund's $14,975,000 of series T shares on Sept. 3, $34,525,000 of series W shares on Sept. 7 and $38,375,000 of series TH shares on Sept. 8;

• Nuveen Pennsylvania Investment Quality Municipal Fund's $18.6 million of series T shares on Sept. 3; $50,825,000 of series W shares on Sept. 7 and $42,325,000 of series TH shares at Sept. 8; and

• Nuveen Pennsylvania Premium Income Municipal Fund 2's $17.75 million of series M shares on Sept. 2, $43.7 million of series TH shares on Sept. 8 and $37,825,000 of series F shares on Sept. 2.

Chicago-based Nuveen said its mutual funds offer a variety of investment strategies managed by its boutique affiliates.

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