Nuveen Premium to redeem $400.65 million auction-rate preferreds

By Toni Weeks

San Diego, Feb. 24 - Nuveen Premium Income Municipal Fund, Inc. will redeem all of its outstanding series M1, M2, T, W, TH and F municipal auction-rate cumulative preferred shares, according to a filing with the Securities and Exchange Commission.

Each of the 16,026 shares has a liquidation preference of $25,000, and the redemption will total $400.65 million.

The redemption will be completed over five days, according to the following schedule:

• 2,900 series M1 shares on March 18;

• 1,526 series M2 shares on March 18;

• 2,900 series T shares on March 21;

• 2,900 series W shares on March 22;

• 2,901 series TH shares on March 23; and

• 2,899 series F shares on March 17.

Nuveen is an investment management firm based in Chicago.

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