Nuveen California to redeem $26.33 million of auction-rate preferreds

By Toni Weeks

San Diego, April 11 - Nuveen California Dividend Advantage Municipal Fund 3 will redeem by lot its outstanding M and TH series municipal auction-rate cumulative preferred securities, according to a filing with the Securities and Exchange Commission.

Each of the 1,053 shares has a liquidation preference of $25,000, and the redemption will total $26,325,000, with 526 M series shares to be redeemed on May 6 and 527 series TH series shares to be redeemed on May 4.

Nuveen is an investment management firm based in Chicago.

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