Salient Midstream & MLP Fund Announces the Pricing of Its Initial Public Offering
HOUSTON, May 29, 2012 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund"), a newly-organized, non-diversified, closed-end fund, announced today the pricing of its initial public offering of common shares. The fund raised $180 million in gross proceeds in its common share offering. Specifically, the Fund agreed to sell a total of 9 million common shares at an initial price of $20.00 per share (not including 1,215,463 common shares that the underwriters may purchase pursuant to a 45-day option to cover over-allotments). The Fund's common shares began trading Friday, May 25, 2012, on the New York Stock Exchange under the symbol "SMM".
The Fund's investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to common shareholders. The Fund seeks to provide its common shareholders with a tax-efficient vehicle to invest in a portfolio of Energy Companies that own midstream and other energy assets. The Fund seeks to achieve its investment objective by investing at least 80% of its total assets in securities of Midstream Companies and Master Limited Partnerships.
The Fund will be managed by Salient Capital Advisors, LLC ("SCA"), an investment adviser registered with the Securities and Exchange Commission ("SEC").
BofA Merrill Lynch was the lead underwriter in connection with the offering, while Stifel Nicolaus Weisel, RBC Capital Markets, LLC, Oppenheimer & Co. Inc. and Robert W. Baird & Co. Incorporated acted as senior co-managers for the offering. A copy of the prospectus relating to the offering may be obtained from the following addresses:
BofA Merrill Lynch |
Stifel Nicolaus Weisel |
RBC Capital Markets, LLC |
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Attn: Prospectus Department |
Attn: Syndicate Department |
Attn: Equity Syndicate |
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4 World Financial Center |
One South Street, 15th Floor |
Three World Financial Center |
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New York, NY 10080 |
Baltimore, MD 21202 |
200 Vesey Street, 8th Floor |
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Phone: 443-413-1988 |
New York, New York 10281-8098 |
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Phone: 212-428-6670 |
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Oppenheimer & Co. |
Robert W. Baird & Co. Incorporated |
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Attn: Syndicate Prospectus Dept. |
Attention: Syndicate Department |
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300 Madison Ave., 4th Floor |
777 E. Wisconsin Avenue, |
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New York, New York 10017 |
Milwaukee, WI 53202 |
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Phone: 212-667-8563 |
Phone: 800-792-2413 |
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Fax: 212-667-6141 |
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Investors may also obtain the prospectus free of charge from the SEC's website at www.sec.gov.
An investor should read the Fund's prospectus carefully before investing. The prospectus contains important information about the Fund and its investment objective and policies, risks, charges and expenses.
This press release does not constitute an offer to sell or a solicitation to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. A registration statement relating to these securities was filed with, and has been declared effective by, the SEC.
This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual future results to differ significantly from the Fund's present expectations or projections indicated in any forward looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; leverage risk; valuation risk; interest rate risk; tax risk; the volume of sales and purchase of shares; the continuation of investment advisory, administration and other service arrangements; and other risks discussed in the Fund's filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund's investment objective will be attained.
CONTACTS:
Chris Moon
JCPR
[email protected]
973-850-7304
Salient Capital Advisors, LLC
Investor Relations
[email protected]
800-809-0525
SOURCE Salient Midstream & MLP Fund
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