By Jennifer Chiou
New York, March 10 - Nuveen Virginia Premium Income Municipal Fund announced the completion of its offering of $26.2 million of series 2014 MuniFund term preferred shares.
In a form N-2 filed with the Securities and Exchange Commission on Tuesday, the Nuveen Investments LLC-managed fund said it planned to issue 3.01 million preferreds at $10 per share for total proceeds of $30.13 million.
Plans for the sale were originally announced Jan. 18.
Dividends are payable monthly.
As previously reported, the preferreds have a mandatory redemption on April 1, 2014 and can be redeemed earlier by the fund after April 1, 2012 at a premium through March 31, 2013 and at par thereafter.
Proceeds will be used to refinance and redeem all outstanding municipal auction-rate cumulative preferreds and to maintain the fund's leveraged capital structure.
Morgan Stanley & Co. Inc. is the structuring coordinator, and Bank of America Merrill Lynch, Citigroup Global Markets Inc., UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners. Nuveen Investments is the co-manager.
The fund has applied to list the new preferreds on the New York Stock Exchange under the stock symbol "NPV PrA."
Nuveen is a Chicago-based closed-end management investment company.
| Issuer: | Nuveen Virginia Premium Income Municipal Fund
|
| Issuer: | MuniFund term preferred shares, series 2014
|
| Amount: | $26,203,000
|
| Mandatory redemption: | April 1, 2014
|
| Call option: | After April 1, 2012 at a premium through March 31, 2013 and at par thereafter
|
| Structuring coordinator: | Morgan Stanley & Co. Inc.
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., UBS Investment Bank and Wells Fargo Securities LLC with Nuveen Investments LLC (co-manager)
|
| Announcement date: | Jan. 18
|
| Settlement date: | March 10
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
