Nuveen Funds Board Approves Leverage Refinancing Plan for Three CEFs

Funds Intend to Redeem MuniFund Term Preferred Shares

CHICAGO--()--Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Board of Trustees of three Nuveen municipal bond closed-end funds has approved a refinancing plan to redeem all of their respective MuniFund Term Preferred (MTP) shares. MTP shares will be redeemed at their $10.00 liquidation value per share plus an additional amount representing any dividend amount owed. The redemption of MTP shares will be made with the proceeds of newly issued preferred shares, subject to completion of all aspects of their placement, which may not occur as planned.

The funds intending to redeem MTP shares and their respective MTP share ticker symbols are as follows:

     
Fund   MTP Share Ticker Symbol
Nuveen California AMT-Free Municipal Income Fund   NKX PrC
Nuveen Missouri Premium Income Municipal Fund   NOM PrC
Nuveen New Jersey Dividend Advantage Municipal Fund   NXJ PrC
 

The funds intend to offer new preferred shares to qualified institutional buyers (as defined in Rule 144A of the Securities Act of 1933 (the Securities Act)) in private offerings exempt from registration under the Securities Act. Details regarding the specific terms and timing of the redemptions will be communicated at a later date through filings with the Securities and Exchange Commission and accompanying public press releases.

No preferred shares to be offered have been registered under the Securities Act or any state securities laws. Unless so registered, no preferred 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 independent investment subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments operates as a separate subsidiary within TIAA-CREF, which is a leading provider of retirement and financial services in the academic, research, medical and cultural fields. In total, Nuveen Investments managed $231 billion as of June 30, 2014. For more information, please visit the Nuveen Investments website at www.nuveen.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are 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:

  • the acceptance by qualified institutional buyers of, and demand for, new preferred shares in an amount sufficient to refinance the MTP shares;
  • the need to obtain the agreement of all parties to the final terms of the offerings of new preferred shares;
  • other legal and regulatory developments; and
  • other additional risks and uncertainties.

Contacts

Nuveen Investments
Media Contact:
Kristyna Munoz
(312) 917-8343
kristyna.munoz@nuveen.com

Contacts

Nuveen Investments
Media Contact:
Kristyna Munoz
(312) 917-8343
kristyna.munoz@nuveen.com