Cases & Deals

Major financial institution purchases VMTP Shares in private placement by Nuveen closed-end municipal bond funds

Clients Major financial institution

Jones Day advised a major financial institution in connection with the purchase of US$269.9 million Variable Rate MuniFund Term Preferred Shares (VMTP Shares) in a private placement by various Nuveen closed-end municipal bond funds, the proceeds of which were used to redeem existing Auction Rate Preferred Shares of the issuing funds.