Business & Finance
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Published in Business and Finance on Thursday, March 10th 2011 at 13:31 GMT by Market Wire
CHICAGO--([ BUSINESS WIRE ])--Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors,today announced that the Nuveen Virginia Premium Income Municipal Fund (NYSE: NPV) and Nuveen Maryland Premium Income Municipal Fund (NYSE: NMY) have successfully completed the public offering of $26.203 million and $33.818 million of MuniFund Term Preferred Shares (MTP), respectively. The net proceeds from these offerings of MTP shares will be used to refinance all of the funds? outstanding auction-rate preferred securities (ARPS). MTP shares are expected to trade on the New York Stock Exchange (NYSE) within 30 days of original issuance under the symbols NPV PrA and NMY PrD, respectively.
MTP is a fixed rate form of preferred stock with a mandatory redemption period of three years for the NPV offering and five years for the NMY offering. By issuing MTP, the funds seeks to take advantage of the current historically low interest rate environment to lock in an attractive tax-exempt cost of leverage for a period as long as the term of the MTP. Issuing MTP helps the funds mitigate the risk of a significant increase in the cost of leverage should short-term interest rates rise.
Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the funds carefully before investing. For a prospectus which contains this and other information relevant to an investment in MTP shares of the funds, please contact your securities representative or Nuveen Investments, LLC, 333 W. Wacker Drive, Chicago, IL 60606 or [ www.nuveen.com/cef ]. Investors should read the prospectus carefully before they invest or send money.
This document is not an offer to sell this security and is not soliciting an offer to buy this security in any state where the offer or sale is not permitted.
For more information about Nuveen closed-end funds, visit [ www.nuveen.com/cef ]. ARPS information and updates are posted on Nuveen?s auction-rate preferred resource center at [ www.nuveen.com/arps ].
Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions, high-net-worth and affluent 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?NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed $197 billion as of December 31, 2010. For more information, please visit the Nuveen Investments website at [ www.nuveen.com ].
