Nuveen New Jersey Dividend Advantage Municipal Fund Completes Preferred Share Refinancing

CHICAGO--(BUSINESS WIRE)--

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that Nuveen New Jersey Dividend Advantage Municipal Fund NXJ issued additional Variable Rate Demand Preferred, Series-1 (VRDP) shares through a private placement to qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933 (the Securities Act). The proceeds from the issuance of the additional VRDP shares will be used to redeem all of the fund's outstanding MuniFund Term Preferred (MTP) shares, as previously announced.

Additional VRDP issuance details are as follows:

Common

Additional Series-1

Share

VRDP

Issuance Amount

Pro-Forma Total Series-1 VRDP

Fund

Ticker

Description

($mm)

Amount Outstanding ($mm)

Liquidity Provider

Nuveen New Jersey Dividend Advantage Municipal Fund

NXJ

Series-1

$36.000

$81.000

The Toronto- Dominion Bank

VRDP shares include a liquidity feature that allows holders of VRDP to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. These VRDP shares are preferred securities that are senior, with priority in all respects, to the fund's common shares in liquidation and as to payments of dividends. VRDP shares qualify as equity for income tax purposes, which affords VRDP share dividends the same tax treatment as the income on the fund's underlying investments. The Series-1 VRDP shares are equal in priority to NXJ's other outstanding VRDP shares, which will continue to remain outstanding.

VRDP dividends are set weekly at a rate established by the fund's remarketing agent, subject to a maximum rate which will increase over time in the event of an extended period of unsuccessful remarketing.

The proceeds of the additional Series-1 VRDP share issuance will be deposited in trust with an affiliate of Computershare Inc., the Redemption and Paying Agent for the MTP shares that are to be redeemed. This deposit will be held for the benefit of those MTP shareholders and those shares will be redeemed on February 9, 2015. Official notification of the redemption will be delivered to MTP shareholders through The Depository Trust Company (DTC). Upon redemption of the MTP shares, the fund intends to deregister and delist the MTP shares from the New York Stock Exchange.

No VRDP shares have been registered under the Securities Act or any state securities laws. Unless so registered, no VRDP 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.

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 independent investment subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments operates as a separate subsidiary within TIAA-CREF, which is a leading provider of retirement and financial services in the academic, research, medical and cultural fields. In total, Nuveen Investments managed approximately $229 billion as of September 30, 2014. For more information, please visit the Nuveen Investments website at www.nuveen.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this release may be 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:

• market developments;
• legal and regulatory developments; and
• other additional risks and uncertainties.

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.

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