HOUSTON, April 20, 2015 /PRNewswire/ -- Center Coast MLP & Infrastructure Fund (NYSE: CEN) (the "Fund") announced today the results of its transferable rights offering (the "Offer"). The Offer commenced on March 20, 2015 and expired on April 17, 2015 (the "Expiration Date"). The Offer entitled rights holders to subscribe for up to an aggregate of 4,938,969 of the Fund's common shares of beneficial interest, par value $0.01 per share ("Common Shares"). The Offer was over-subscribed and subscription price was $15.38 per Common Share determined based upon a formula equal to 90% of the average of the last reported sales price of a Common Share of the Fund on the New York Stock Exchange on the Expiration Date and each of the four (4) immediately preceding trading days. Common Shares will be issued promptly after completion and receipt of all shareholder payments and the pro-rata allocation of Common Shares in respect of the over-subscription privilege.
Gross proceeds of the Offer are expected to be approximately $76 million. The Fund intends to invest the net proceeds of the Offer in accordance with the investment objective and policies described in the prospectus.
This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. Such information, including other information about the Fund, can be found on file with the Securities and Exchange Commission and should be read carefully before investing.
About Center Coast Capital Advisors, LP
Center Coast Capital Advisors, LP ("Center Coast") serves as the Fund's investment advisor and is responsible for the management of the Fund. Center Coast is a registered investment advisor headquartered in Houston, Texas focused on energy infrastructure investments. Center Coast combines the expertise of midstream and energy infrastructure operators and financial and investment professionals. The Fund is managed by Dan Tutcher and Rob Chisholm, two master limited partnership ("MLP") industry veterans that have owned, operated and invested in midstream energy assets for over 40 years. As a former CEO of and manager with one of the largest MLPs, they have historically analyzed, operated or purchased a large number of the assets within the MLP sector. Center Coast currently has over $4.7 billion in energy MLP and infrastructure assets under management.
About the Center Coast MLP & Infrastructure Fund
The Fund is a non-diversified closed-end management investment company. The Fund's investment objective is to provide a high level of total return with an emphasis on distributions to shareholders. The "total return" sought by the Fund includes appreciation in the net asset value of the Fund's common shares and all distributions made by the Fund to its common shareholders, regardless of the tax characterization of such distributions, including distributions characterized as return of capital. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of MLPs and energy infrastructure companies. Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in securities of MLPs and energy infrastructure companies. The Fund may invest up to 20% of its Managed Assets in unregistered or restricted securities, including securities issued by private companies. The Fund utilizes leverage as part of its investment strategy. There is no assurance that the Fund will achieve its investment objective.
In general, a portion of the distributions paid by the Fund may constitute a return of capital to shareholders, rather than a dividend, to the extent such distributions exceed the Fund's current and accumulated earnings and profits. The portion of any distribution treated as a return of capital will not be subject to tax currently, but will result in a corresponding reduction in a shareholder's basis in Fund shares and in the shareholder's recognizing more gain or less loss (that is, will result in an increase of a shareholder's tax liability) when the shareholder later sells Fund shares. Distributions in excess of a shareholders' adjusted tax basis in its shares are generally treated as capital gains. The Fund's distribution rate will vary based upon the distributions received from underlying investments. The Fund can make no assurance as to what percentage of the distributions paid on the shares will consist of tax-deferred return of capital.
Center Coast Capital Advisors, LP
SOURCE Center Coast MLP & Infrastructure Fund