Nuveen Investments, a leading global provider of investment services to
institutions as well as individual investors, today announced the final
results of the tender offers conducted by each of the closed-end funds
listed below.
Closed-End Funds
Nuveen Dividend Advantage Municipal Fund 3 (NYSE MKT: NZF)
Nuveen
Dividend Advantage Municipal Income Fund (NYSE MKT: NVG)
Nuveen
Municipal Advantage Fund, Inc. (NYSE: NMA)
Nuveen Quality
Income Municipal Fund, Inc. (NYSE: NQU)
As previously
announced, each fund conducted a tender offer for up to 10 percent
of its outstanding common shares for cash at a price per share equal to
98 percent of the net asset value per share determined on the expiration
date. Each fund’s tender offer, which expired at 5:00 p.m. Eastern time
on Friday, September 19, 2014, was oversubscribed.
Since each fund’s tender offer was oversubscribed, each fund will
purchase 10 percent of its respective outstanding common shares on a
pro-rata basis based on the number of shares properly tendered (the
pro-ration factor). The final results of the tender offers are provided
in the table below.
|
NZF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
Number of
|
|
|
Pro-Ration
|
|
|
Purchase Price
|
|
|
Number of Outstanding
|
|
Shares
|
|
|
Tendered Shares
|
|
|
Factor
|
|
|
(98% of NAV
|
|
|
Shares after Tender
|
|
Tendered
|
|
|
to be Purchased
|
|
|
|
|
|
on Expiration
|
|
|
Offer
|
|
|
|
|
|
|
|
|
|
|
Date)
|
|
|
|
|
18,976,044
|
|
|
4,040,003
|
|
|
21.29%
|
|
|
$15.1952
|
|
|
36,360,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVG
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
Number of
|
|
|
Pro-Ration
|
|
|
Purchase Price
|
|
|
Number of Outstanding
|
|
Shares
|
|
|
Tendered Shares
|
|
|
Factor
|
|
|
(98% of NAV
|
|
|
Shares after Tender
|
|
Tendered
|
|
|
to be Purchased
|
|
|
|
|
|
on Expiration
|
|
|
Offer
|
|
|
|
|
|
|
|
|
|
|
Date)
|
|
|
|
|
13,176,427
|
|
|
2,964,170
|
|
|
22.50%
|
|
|
$15.6304
|
|
|
26,677,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NMA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
Number of
|
|
|
Pro-Ration
|
|
|
Purchase Price
|
|
|
Number of Outstanding
|
|
Shares
|
|
|
Tendered Shares
|
|
|
Factor
|
|
|
(98% of NAV
|
|
|
Shares after Tender
|
|
Tendered
|
|
|
to be Purchased
|
|
|
|
|
|
on Expiration
|
|
|
Offer
|
|
|
|
|
|
|
|
|
|
|
Date)
|
|
|
|
|
14,905,831
|
|
|
4,369,741
|
|
|
29.32%
|
|
|
$14.7936
|
|
|
39,327,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NQU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
Number of
|
|
|
Pro-Ration
|
|
|
Purchase Price
|
|
|
Number of Outstanding
|
|
Shares
|
|
|
Tendered Shares
|
|
|
Factor
|
|
|
(98% of NAV
|
|
|
Shares after Tender
|
|
Tendered
|
|
|
to be Purchased
|
|
|
|
|
|
on Expiration
|
|
|
Offer
|
|
|
|
|
|
|
|
|
|
|
Date)
|
|
|
|
|
16,241,366
|
|
|
5,437,909
|
|
|
33.48%
|
|
|
$15.0392
|
|
|
48,941,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Each fund will purchase the common shares that it has accepted for
payment as promptly as practicable. Shareholders who have questions
regarding the tender offers should contact their financial advisors or
should call Georgeson, Inc., the funds’ information agent for the tender
offer, at: (877) 278-9670 (NZF); (888) 661-5651 (NVG); (888) 680-1529
(NMA); or (800) 509-1312 (NQU).
In addition, as previously announced, each
fund will partially redeem certain outstanding preferred shares, upon
completion of the tender offers. The funds for redemption will be
deposited in trust with the redemption and paying agent or tender and
paying agent, as applicable, for the preferred shares. These deposits
will be held for the benefit of preferred shareholders. Official
notification of the redemption will be delivered to preferred
shareholders through The Depository Trust Company (DTC).
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. Funds distributed by Nuveen Securities, LLC, a
subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments
managed $231 billion as of June 30, 2014. For more information, please
visit the Nuveen Investments website at www.nuveen.com.
Copyright Business Wire 2014