Cohen & Steers Select Preferred and Income Fund, Inc. Raises $320 Million
NEW YORK, Nov. 24, 2010 /PRNewswire-FirstCall/ -- Cohen & Steers, Inc. (NYSE: CNS) announced today that Cohen & Steers Select Preferred and Income Fund, Inc. (the "Fund") has completed the pricing of its initial public offering. The Fund will issue 12.79 million common shares at $25.00 per share, raising a total of approximately $320 million before expenses and assuming full exercise of the underwriters' option to purchase additional common shares, which may not occur. The Fund's common shares will begin trading on November 24, 2010 on the New York Stock Exchange under the symbol "PSF."
The Fund's primary investment objective is high current income. The Fund's secondary objective is capital appreciation. Cohen & Steers Capital Management, Inc., which serves as the Fund's investment manager, will seek to achieve the investment objectives by investing at least 80% of its managed assets in a portfolio of preferred and other income securities issued by U.S. And non-U.S. companies.
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."
Wells Fargo Securities and BofA Merrill Lynch acted as the lead underwriters in connection with this offering.
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 funds often trade at a discount to their net asset value.
For a discussion of the risk factors for this 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, Inc. Cohen & Steers is a manager of portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles.
SOURCE Cohen & Steers, Inc.; Cohen & Steers Select Preferred and Income Fund, Inc.
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