Nuveen Announces Closing Date for Merger of Michigan Closed-End Funds
Nuveen Announces Closing Date for Merger of Michigan Closed-End Funds
CHICAGO--(BUSINESS WIRE)-- Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the reorganization of certain Nuveen Michigan closed-end funds was completed prior to the opening of the New York Stock Exchange on January 7, 2013. As part of a previously announced reorganization, the funds have been merged as follows:
Acquired Fund | Symbol | Acquiring Fund | Symbol | |||
| NMP NZW | Nuveen Michigan Quality | NUM |
In the mergers, NUM acquired substantially all of the assets and liabilities of NMP and NZW in a tax-free transaction in exchange for an equal aggregate value of newly-issued common shares. The exchanges took place based upon the funds' closing net asset values on January 4, 2013. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of the acquiring fund are listed below:
Fund | Exchange Ratio | |
Nuveen Michigan Premium Income Municipal Fund, Inc. | 0.96503389 | |
Nuveen Michigan Dividend Advantage Municipal Fund | 0.95647566 |
Additionally, MuniFund Term Preferred (MTP) and Variable MuniFund Term Preferred (VMTP) shareholders of each acquired fund received an equivalent number of newly issued MTP and VMTP shares from the acquiring fund, with the same terms as their previous MTP and VMTP shares.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual 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—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $220 billion as of September 30, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.
MEDIA CONTACT:
Nuveen Investments
Kristyna Munoz, (312) 917-8343
kristyna.munoz@nuveen.com
KEYWORDS: United States North America Illinois Michigan
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