CHICAGO--(BUSINESS WIRE)--Nuveen, an operating division of TIAA Global Asset Management, today announced that three municipal closed-end funds have successfully completed Variable Rate MuniFund Term Preferred Shares (VMTP) transactions in privately negotiated exchange offers and private placements. The funds and their corresponding amounts of newly issued VMTP shares are as follows:
| Nuveen Connecticut Premium Income Municipal Fund (NYSE: NTC) | $112.0 million | ||
| Nuveen Georgia Dividend Advantage Municipal Fund 2 (NYSE: NKG) | $82.0 million | ||
| Nuveen Pennsylvania Investment Quality Municipal Fund (NYSE: NQP) | $87.0 million | ||
In these transactions, each fund completed an exchange offer in which it refinanced its existing VMTP shares with new VMTP shares with a term redemption date of September 1, 2019. Each fund also sold additional VMTP shares totaling $6.0 million (NTC), $7.0 million (NKG), and $39.0 million (NQP) respectively. The proceeds from the sale of additional shares will be invested in accordance with each fund’s investment policies.
VMTP dividends will be set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). VMTP shares are preferred securities of each fund and are senior, with priority in all respects, to each fund's common shares in liquidation and as to payments of dividends.
Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the advisors who serve them. Through the investment expertise of leading asset managers across traditional and alternative asset classes, Nuveen is committed to delivering consultative guidance that aligns with client needs. Funds are distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen is an operating division of TIAA Global Asset Management. For more information, please visit the Nuveen website at www.nuveen.com.
The information contained on the Nuveen website is not a part of this press release.
FORWARD LOOKING STATEMENTS
Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:
- market developments;
- legal and regulatory developments; and
- other additional risks and uncertainties.
Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.
This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that the fund’s common and preferred shareholders have been informed of the fund’s issuance of VMTP.
18988-INV-O-08/17
