By Angela McDaniels
Tacoma, Wash., July 1 – Five Nuveen municipal closed-end funds issued variable-rate MuniFund term preferred shares in privately negotiated exchange offers and private placements, according to a news release.
The Nuveen Dividend Advantage Municipal Fund (NYSE: NAD) issued $337 million, the Nuveen North Carolina Premium Income Municipal Fund (NYSE: NNC) issued $154 million, the Nuveen Minnesota Municipal Income Fund (NYSE: NMS) issued $52.8 million, the Nuveen Maryland Premium Income Municipal Fund (NYSE: NMY) issued $197 million and the Nuveen New York Dividend Advantage Municipal Fund (NYSE: NAN) issued $147 million.
In these transactions, each fund completed an exchange offer in which it refinanced its outstanding variable-rate MuniFund term preferreds with newly issued variable-rate MuniFund term preferreds shares with a term redemption date of Aug. 1, 2019.
Each fund also sold for cash additional shares totaling $72 million (NAD), $29 million (NNC), $8.7 million (NMS), $30 million (NMY) and $53 million (NAN).
The net proceeds from the sale of additional shares will be invested in accordance with each fund’s investment policies.
The dividends will be set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap index.
The funds are distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments is a Chicago-based investment services company and an operating division of TIAA Global Asset Management.
| Issue: | Variable-rate MuniFund term preferred shares
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| Total amount: | $887.8 million
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| Term redemption date: | Aug. 1, 2019
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| Dividend rate: | Set weekly at spread to Sifma Municipal Swap index
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| Settlement date: | July 1
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| Issuer: | Nuveen Dividend Advantage Municipal Fund
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| Amount: | $337 million
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| Issuer: | Nuveen North Carolina Premium Income Municipal Fund
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| Amount: | $154 million
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| Issuer: | Nuveen Minnesota Municipal Income Fund
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| Amount: | $52.8 million
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| Issuer: | Nuveen Maryland Premium Income Municipal Fund
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| Amount: | $197 million
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| Issuer: | Nuveen New York Dividend Advantage Municipal Fund
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| Amount: | $147 million
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