Three Nuveen Closed-End Funds To Issue Preferred Security
29 Janeiro 2010 - 8:25PM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions and high-net-worth investors, today
announced that three closed-end funds, Nuveen Arizona Dividend
Advantage Municipal Fund (AMEX: NFZ), Nuveen Michigan Dividend
Advantage Municipal Fund (AMEX: NZW) and Nuveen Ohio Dividend
Advantage Municipal Fund 3 (AMEX: NVJ) have filed registration
statements with the U.S. Securities and Exchange Commission to
issue MuniFund Term Preferred Shares (MTP), a form of preferred
stock. The new shares are expected to be listed on the NYSE.
MTP is a fixed rate form of preferred stock with a mandatory
redemption period. By issuing MTP, the funds seek to take advantage
of the current historically low interest rate environment to lock
in an attractive tax-exempt cost of leverage for a period as long
as the term of the MTP. Issuing MTP helps the funds mitigate the
risk of a significant increase in its cost of leverage should
short-term interest rates rise.
Nuveen Investments provides high quality investment services
designed to help secure the long-term goals of institutions and
high net worth investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets its growing
range of specialized investment solutions under the high-quality
brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed $141
billion as of September 30, 2009. For more information, please
visit the Nuveen Investments website at www.nuveen.com.
The information in this press release is not complete and may be
changed. A registration statement relating to these securities has
been filed with the Securities and Exchange Commission pursuant to
the U.S. Securities Act of 1933, as amended, and we may not sell
these securities until that registration statement is effective.
This press release and the information contained herein is not an
offer to sell, or a solicitation of offers to purchase, securities
in any state where the offer or sale is not permitted. Any public
offering of securities to be made will be made by means of a
registration statement that will contain detailed information
about the issuer and its management, as well as financial
statements. No money, securities or other consideration is being
solicited by this press release or the information contained
herein.
Investors should consider the investment objectives, risks, and
charges and expenses of the Nuveen Closed-End Funds issuing the MTP
shares, as well as the terms and conditions of the MTP, carefully
before investing. The prospectus will contain this and other
information. The prospectus, once available, may be obtained from
your financial advisor or at www.nuveen.com/cef, and the
prospectus, once available, should be read carefully before
investing.
Nuveen Michigan Dividend Advantage Municipal Fund Common Shares of Beneficial Interest (AMEX:NZW)
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