Two Nuveen Municipal Bond Closed-End Funds Complete Preferred Share Issuances

CHICAGO--()--Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that two funds have issued Institutional MuniFund Term Preferred Shares (iMTP) along with one of the funds issuing Variable Rate MuniFund Term Preferred Shares (VMTP) through private placements with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933. The proceeds of the preferred issuances for both funds will be used to redeem all of each Fund’s outstanding MuniFund Term Preferred (MTP) and VMTP shares as previously announced.

New Preferred Share Issuance Details:

                 
  Common     Preferred   Term
Share Preferred Issuance Redemption
Fund   Ticker   Type   Amount ($mm)   Date
iMTP $150.000 10/1/2017
Nuveen Dividend Advantage Municipal Fund 3 NZF
        VMTP   $91.000   4/1/2017

Nuveen New York AMT-Free Municipal Income Fund

  NRK   iMTP   $79.000   10/1/2017
 

Both iMTP and VMTP dividends will be set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA) and are preferred securities that are senior, with priority in all respects, to the fund’s common shares in liquidation and as to payments of dividends. The iMTP shares are equal in priority to both the VMTP shares issued today by NZF and NRK’s outstanding Variable Rate Demand Preferred (VRDP) shares, which will remain outstanding after the NRK iMTP issuance.

The proceeds of the completed iMTP and VMTP issuances will be deposited in trust with an affiliate of Computershare Inc., the Redemption and Paying Agent for the MTP and VMTP shares that are to be redeemed. This deposit will be held for the benefit of those MTP and VMTP shareholders and those shares will be redeemed on April 11, 2014. Official notification of the redemption will be delivered to MTP and VMTP shareholders through The Depository Trust Company (DTC). Upon redemption of the MTP shares, the funds intend to deregister and delist the MTP shares from the New York Stock Exchange.

No iMTP or VMTP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no iMTP or VMTP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed approximately $221 billion as of December 31, 2013. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Contacts

Nuveen Investments
Media Contact:
Kathleen Cardoza
(312) 917-7813
KATHLEEN.CARDOZA@NUVEEN.COM

Sharing

Contacts

Nuveen Investments
Media Contact:
Kathleen Cardoza
(312) 917-7813
KATHLEEN.CARDOZA@NUVEEN.COM