Nuveen Multi-Strategy Income and Growth Fund (NYSE:JPC) today called for
redemption at par outstanding shares of its auction-rate preferred
shares (ARPS). The fund’s Board of Trustees
has approved the redemption, which is part of a refinancing expected to
lower the relative costs of leverage for the fund over time while also
providing liquidity at par for the holders of at least some of Nuveen
Multi-Strategy Income and Growth Fund’s ARPS.
JPC is redeeming $195 million of its $453 million of currently
outstanding ARPS. This represents the second of two planned redemptions
approximately a month apart which together total $450 million. The table
below lists the total number of shares, par amounts and scheduled
redemption dates for this stage of redemptions:
Series
Cusip #
Total SharesRedeemed
Total AmountRedeemed
RedemptionDate
M
67073B205
1,300
$32,500,000
May 27, 2008
T
67073B304
1,300
$32,500,000
May 28, 2008
W
67073B403
1,300
$32,500,000
May 22, 2008
TH
67073B502
1,300
$32,500,000
May 23, 2008
F
67073B601
1,300
$32,500,000
May 27, 2008
F2
67073B700
1,300
$32,500,000
May 27, 2008
The ARPS in the Nuveen Multi-Strategy Income and Growth Fund being
redeemed will be replaced with new borrowings. With respect to the
partial redemption for JPC, The Depository Trust Company (DTC), the
securities’ holder of record, determines how a
partial series redemption will be allocated among each participant
broker-dealer account. Each participant broker-dealer, as nominee for
underlying beneficial owners (street name shareholders), in turn
determines how redeemed shares are allocated among its underlying
beneficial owners. The procedures used by different broker-dealers to
allocate redeemed shares among beneficial owners may differ from each
other as well as from the procedures used by DTC.
Nuveen Investments provides high quality investment services designed to
help secure the long-term goals of institutions and high net worth
investors as well as the consultants and financial advisors who serve
them. Nuveen Investments markets its growing range of specialized
investment solutions under the high-quality brands of NWQ, Santa
Barbara, Tradewinds, Rittenhouse, Symphony and Nuveen, including the
Nuveen HydePark Group. In total, the Company managed $164 billion in
assets as of December 31, 2007.
FORWARD LOOKING STATEMENTS
Certain statements made in this release are forward-looking
statements. Actual future results or occurrences may differ
significantly from those anticipated in any forward-looking statements
due to numerous factors. These include, but are not limited to: changes
in securities or financial markets or general economic conditions,
including changes in short term interest rates for borrowings, and other
risks discussed from time to time in the Funds’
filings with the Securities and Exchange Commission. Nuveen
Investments and the closed-end funds managed by Nuveen Investments and
its affiliates undertake no responsibility to update publicly or revise
any forward-looking statements.
|