Nuveen completes reorganization of four New Jersey closed-end funds

By Toni Weeks

San Luis Obispo, Calif., Nov. 10 – Nuveen Investments announced in a press release that it completed the reorganization of four Nuveen New Jersey municipal closed-end funds prior to the opening of the New York Stock Exchange on Nov. 10.

In the merger, which was approved by shareholders Oct. 20, Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) acquired substantially all of the assets and liabilities of Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ), Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ) and Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ) in tax-free transactions in exchange for an equal aggregate value of newly issued common shares.

The exchanges were based on the funds’ closing net asset values on Nov. 7. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of NXJ were 0.98422389 for NQJ, 1.00159044 for NNJ and 0.98199215 for NUJ.

In addition, preferred shareholders of each acquired fund received an equivalent number of newly issued preferred shares of the acquiring fund, with substantially the same terms as their previous preferred shares.

According to a previous press release, the merger was intended to create a larger fund with lower operating expenses and increased trading volume on the exchange for common shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.