Nuveen Announces Merger for Municipal Closed-End Funds
July 15 2013 - 8:25AM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced that the reorganization of the Nuveen Municipal High
Income Opportunity Fund (NYSE MKT: NMZ) and Nuveen Municipal
High Income Opportunity Fund 2 (NYSE: NMD) was completed
prior to the opening of the New York Stock Exchange on July 15,
2013. As part of a previously announced reorganization, the funds
have been merged as outlined in the table below.
Acquired Fund Symbol
Acquiring Fund Symbol
Nuveen Municipal High IncomeOpportunity
Fund 2
NMD
Nuveen Municipal HighIncome Opportunity
Fund
NMZ
In the merger, NMZ acquired substantially all of the assets and
liabilities of NMD in a tax-free transaction in exchange for an
equal aggregate value of newly-issued common shares. The exchange
took place based upon the fund’s closing net asset value on July
12, 2013. The exchange ratio at which common shares of the acquired
fund were exchanged for common shares of the acquiring fund is
listed below:
Acquired Funds
Exchange Ratio Nuveen Municipal High Income Opportunity Fund
2
0.97055385
Additionally, Variable Rate MuniFund Term Preferred Shares
(VMTP) shareholders of NMD received an equivalent number of newly
issued VMTP shares from NMZ, with substantially the same terms as
their previous 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, 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 approximately $224 billion as of March 31, 2013. For more
information, please visit the Nuveen Investments website at
www.nuveen.com.
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