Two Nuveen Maryland funds to price up to $62 million of preferreds

By Cristal Cody

Tupelo, Miss., April 6 - Two Nuveen Investments LLC Maryland funds plan to price up to $61.9 million in preferred stock, according to N-2 forms filed with the U.S. Securities and Exchange Commission.

The Nuveen Maryland Dividend Advantage Municipal Fund announced it will price up to $30.46 million in preferred shares.

The fund will offer up to 3,045,775 MuniFund term preferred shares due 2015 at $10 a share.

In addition, the Nuveen Maryland Dividend Advantage Municipal Fund 2 plans to price up to $31.395 million in preferred shares, according to the SEC filing.

The offering will include up to 3,139,500 MuniFund term preferred shares due 2015 at $10 a share.

Morgan Stanley is the sole structuring coordinator. Joint book runners are Bank of America Merrill Lynch; Citigroup Inc.; UBS Investment Bank; and Wells Fargo Securities Inc. Nuveen Investments LLC is the co-manager.

The funds plan to use the net proceeds from the sales to refinance and redeem all of the funds' outstanding municipal auction-rate cumulative preferred shares and to maintain the funds' leveraged capital structure.

The funds are diversified, closed-end management investment companies.

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