Nuveen Investments Provides Update on Progress Refinancing Auction-Rate Preferred Shares...

Wednesday July 9, 8:35 am ET More Than $4 Billion of Refinancings Completed, Announced or in Late-Stage Planning Resolving ARPS Issue Remains a Top Priority CHICAGO--(BUSINESS WIRE)--Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today provided an update on the progress made in refinancing its closed-end funds’ auction-rate preferred shares (ARPs). Since April, seven Nuveen taxable funds have issued redemption notices for $1.7 billion of auction-rate preferred shares, 41 Nuveen municipal funds have been approved to create approximately $1.0 billion of tender option bond trusts (TOBs) to refinance preferreds, and four Nuveen municipal funds have announced today their intent to commence the first private offerings of Variable Rate Demand Preferreds (VRDP),... [read full story]