Two Nuveen Investments funds to redeem MuniFund Term Preferred shares

By Tali David

Minneapolis, Aug. 12 - Nuveen Investments said the board of trustees of two municipal bond closed-end funds approved a new leverage refinancing plan to redeem all of their respective outstanding preferred shares, according to a press release.

MuniFund Term Preferred shares will be redeemed at its $10 liquidation value per share plus an additional amount representing any dividend amounts owed.

Variable MuniFund Term Preferred shares will be redeemed at its $100,000 liquidation value per share plus an additional amount representing any dividend amounts owed.

The redemptions will be made with the proceeds of newly issued variable-rate demand preferred shares, subject to completion of all aspects of Variable MuniFund Term Preferred share placement.

Nuveen is a Chicago-based investment services company.

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