Nuveen Michigan, Ohio muni funds wrap public offerings of preferreds

By Susanna Moon

Chicago, Nov. 17 - Nuveen Investments said two of its funds sold five-year MuniFund term preferred shares in public offerings.

The Nuveen Michigan Dividend Advantage Municipal Fund completed a public offering of $14.83 million of preferreds and Nuveen Ohio Dividend Advantage Municipal Fund issued $18 million of the preferreds, according to a company press release.

Proceeds will be used to refinance some of the funds' outstanding auction-rate preferred securities.

The shares are expected to trade on the New York Stock Exchange within 30 days of issue under the symbols "NZW PrC" and "NXI PrC," respectively.

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