NEW YORK, March 28, 2013 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) announced today the initial public offering of Cohen & Steers MLP Income and Energy Opportunity Fund, Inc. (the "Fund"). The Fund raised approximately $480,000,000 in proceeds (before deduction of the sales load and offering expenses and exclusive of the underwriters' option to purchase additional securities) in the initial public offering of 24,000,000 common shares at $20 per share. The Fund has granted the underwriters an option to purchase additional common shares at the public offering price less the sales load within 45 days of the date of prospectus. Assuming full exercise of the underwriters' option to purchase additional securities, which may or may not occur, overall sales totaled approximately $556 million. The Fund's common shares began trading on Tuesday, March 26, 2013 on the New York Stock Exchange under the symbol "MIE."
The Fund's investment objective is to provide attractive total return, comprised of high current income and price appreciation. The Fund seeks to achieve its investment objective by investing primarily in MLPs and energy investments. The Fund is structured as a tax efficient vehicle in order to achieve its investment objective. Under normal market conditions, the Fund will invest at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in MLPs and energy investments. The Fund initially intends to invest a significant portion of its assets in securities of midstream energy companies. The Fund's investments in MLPs will be limited to 50% of its managed assets. It is anticipated the Fund will use leverage as part of its investment strategy.
Cohen & Steers Capital Management, Inc. is a wholly owned subsidiary of Cohen & Steers, Inc., a publicly traded company whose common stock is listed on the New York Stock Exchange under the symbol "CNS." Cohen & Steers managed approximately $3.0 billion in listed infrastructure assets as of December 31, 2012.
BofA Merrill Lynch acted as the lead underwriter in connection with this offering.
Syndicate co-managers included: Deutsche Bank Securities, RBC Capital Markets, Baird, BB&T Capital Markets, J.J.B Hilliard, W.L. Lyons, LLC, Janney Montgomery Scott, Ladenburg Thalmann & Co. Inc., Maxim Group LLC, Sterne Agee, Wedbush Securities Inc., and Wunderlich Securities.
As with any investment, the price of the Fund's common shares will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end investment companies often trade at a discount to their net asset value.
For a discussion of the risk factors for the Fund, see the section entitled "Principal Risks of the Fund" in the Fund's prospectus relating to its initial public offering, and other risks described in documents subsequently filed by the Fund from time to time with the Securities and Exchange Commission. An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. For a copy of the prospectus, which contains this and other information about the Fund, call 1-800-330-7348. Please read the prospectus carefully before investing.
There is no assurance that the Fund will meet its investment objectives. You could lose some or all of your investment.
About Cohen & Steers Founded in 1986, Cohen & Steers is a leading global investment manager focused on global real estate securities, global listed infrastructure, real assets, large cap value stocks and preferred securities. The company also manages alternative investment strategies for qualified investors such as hedged real estate securities portfolios and private real estate strategies. Headquartered in New York City, with offices in London, Brussels, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.
For more information please visit cohenandsteers.com
SOURCE Cohen & Steers, Inc.