Board of Directors for American Municipal Income Portfolio Inc., Minnesota Municipal Income Portfolio Inc. & First American M...
March 27 2014 - 7:00AM
Business Wire
American Municipal Income Portfolio Inc. (NYSE: XAA),
Minnesota Municipal Income Portfolio Inc. (NYSE: MXA) and First
American Minnesota Municipal Income Fund II, Inc. (NYSE: MXN)
(each a “Fund” and, collectively, the “Funds”) today each announced
that its Board of Directors has approved a refinancing plan to
redeem all of the outstanding respective auction rate or remarketed
preferred stock, as applicable (“ARPs”). Each Fund’s ARPs would be
redeemed at their $25,000 liquidation value per share plus an
additional amount representing any accrued and unpaid dividend
amounts on the date of redemption. The Funds intend to issue a new
series of preferred stock, Variable Rate MuniFund Term Preferred
Shares (VMTP) and it is expected that the redemptions will be
funded by the proceeds of the VMTP issuance. The issuance of the
VMTP is subject to completion of all aspects of their placement,
which may not occur as planned.
The Funds intend to issue VMTP to qualified institutional buyers
in private offerings pursuant to Section 4(2) and/or Rule 144A
under the Securities Act of 1933 (the Securities Act). Details
regarding specific terms and timing of the redemptions will be
communicated at a later date through filings with the Securities
and Exchange Commission, and an accompanying public press
release.
No preferred shares to be offered have been registered under the
Securities Act or any state securities laws. Unless so registered,
no preferred shares may be offered or sold in the United States
except pursuant to an exemption from the registration requirements
of the Securities Act and applicable state securities laws. This
press release is neither an offer to sell nor a solicitation of an
offer to buy any of these securities.
For more information about the Funds, visit
www.firstamericanfunds.com or call 800.677.3863.
Minneapolis-based U.S. Bancorp Asset Management, Inc. serves as
investment advisor to the First American Closed-End Funds. A
subsidiary of U.S. Bank National Association, U.S. Bancorp Asset
Management focuses on providing investment management services to
institutional clients, including corporations, public entities and
nonprofits. It has combined assets under management of more than
$52 billion as of February 28, 2014. First American Closed-End
Funds are subadvised by Nuveen Fund Advisors, Inc. and Nuveen Asset
Management, LLC.
Investment products, including shares of closed-end funds, are
not obligations of, or guaranteed by, any bank, including U.S. Bank
or any U.S. Bancorp affiliate, nor are they insured by the Federal
Deposit Insurance Corporation, the Federal Reserve Board, or any
other agency. An investment in such products involves investment
risk, including possible loss of principal.
Please remember, you could lose money with this investment.
Neither safety of principal nor stability of income is guaranteed.
Past performance does not guarantee future results.
U.S. Bank National Association is a separate entity and wholly
owned subsidiary of U.S. Bancorp, the fifth-largest commercial bank
in the United States, and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit
U.S. Bancorp on the web at www.usbank.com.
U.S. Bancorp Asset Management, Inc.Investor Services,
800-677-3863
Minnesota Municipal Income Portfolio Inc. (AMEX:MXA)
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