Four Nuveen Closed-End Funds Renew VRDP Liquidity Facilities
25 Junio 2010 - 3:10PM
Business Wire
Four Nuveen closed-end funds today each announced the renewal of
liquidity facilities established in connection with Variable Rate
Demand Preferred (VRDP) shares issued by the funds in August 2008.
The liquidity facilities will continue to be provided by Deutsche
Bank, AG and will terminate in September 2011 unless renewed.
Concurrent with the renewal of the funds’ liquidity facilities, the
funds also completed a private exchange offer, in which the VRDP
shares previously issued by the funds were exchanged for new VRDP
shares with terms substantially similar to the terms for VRDP
shares issued by six Nuveen closed-end funds earlier this year. The
principal difference in terms between the funds’ old and new VRDP
shares is the requirement that the funds redeem VRDP shares owned
by the liquidity provider if the shares have been owned by the
liquidity provider through six months of unsuccessful
remarketing.
The four funds that successfully completed the VRDP exchange
offers are as follows:
Nuveen Insured Premium Income Municipal Fund 2 (NYSE: NPX)Nuveen
Dividend Advantage Municipal Fund 2 (AMEX: NXZ)Nuveen Insured New
York Dividend Advantage Municipal Fund (AMEX: NKO)Nuveen Insured
California Tax Free Advantage Municipal Fund (AMEX: NKX)
As defined pursuant to Rule 144A under the Securities Act of
1933, VRDP shares are available to qualified institutional buyers,
such as money market funds.
Investors interested in learning more about the role of VRDP
shares and the use of leverage in general can visit the
Understanding Leverage section in Nuveen’s closed-end fund website
at the following address:
http://www.nuveen.com/CEF/Learn/Leverage/StructuralLeverage.aspx
No VRDP shares have been registered under the Securities Act of
1933 (the Securities Act) or any state securities laws. Unless so
registered, no VRDP 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 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 $150
billion as of March 31, 2010. For more information, please visit
the Nuveen Investments website at www.nuveen.com.
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