Nuveen Intermediate Duration Municipal Term Fund Completes Issuance of Preferred Securities
Nuveen Intermediate Duration Municipal Term Fund Completes Issuance of Preferred Securities
Variable Rate MuniFund Term Preferred Shares Issued in New Private Placement
CHICAGO--(BUSINESS WIRE)-- Nuveen Investments, a leading global provider of investment services to institutions, as well as individual investors, today announced that the Nuveen Intermediate Duration Municipal Term Fund (NYSE: NID)successfully priced and placed a $175 million private offering of new Variable Rate MuniFund Term Preferred Shares (VMTP) with a term redemption date of March 1, 2016. The proceeds from the issuance will be used to permit NID to invest in additional municipal securities in accordance with its investment objectives and policies and to pay costs associated with the transaction.
VMTP dividends will be set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). VMTP shares are preferred securities of the fund and are senior, with priority in all respects, to the fund's common shares in liquidation and as to payments of dividends.
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, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. In total, Nuveen Investments managed approximately $219 billion as of December 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.
Nuveen Investments
Media Contact:
Kristyna Munoz, (312) 917-8343
kristyna.munoz@nuveen.com
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