HOUSTON, March 21, 2013 /PRNewswire/ -- Salient MLP & Energy Infrastructure Fund (the "Fund") announced today the pricing of a secondary public offering of its common shares. The Fund agreed to sell a total of 900,000 common shares at a price to the public of $27.55 per common share (exclusive of 135,000 common shares that the underwriters may purchase pursuant to a 30-day option to cover over-allotments). The Fund is listed on the New York Stock Exchange under the symbol "SMF". Net proceeds from the offering of approximately $24,795,000 will be used to make additional portfolio investments that are consistent with the Fund's investment objective and policies. The offering is scheduled to close on March 26, 2013.
Stifel and Oppenheimer & Co. are acting as joint book-running managers of the offering. A copy of the prospectus supplement and base prospectus relating to the offering may be obtained from the following addresses:
An investor should read the Fund's prospectus supplement and the base prospectus carefully before investing. The prospectus supplement and base prospectus contain important information about the Fund and its investment objective and policies, risks, charges and expenses. Investors may also obtain the prospectus supplement and base prospectus free of charge from the Securities and Exchange Commission's ("SEC") website at www.sec.gov.
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 common shareholders with a tax-efficient vehicle to invest in a portfolio of energy infrastructure 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 MLPs and Energy Infrastructure Companies.
The Fund will continue to be managed by Salient Capital Advisors, LLC, which is an investment adviser registered with the SEC.
This press release does not constitute an offer to sell or a solicitation of an offer 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.
Salient MLP & Energy Infrastructure Fund is a Delaware statutory trust registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. The Fund's investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to shareholders. The Fund seeks to achieve its investment objective by investing at least 80% of its total assets in securities of MLPs and Energy Infrastructure Companies. There can be no assurance that the Fund will achieve its investment objective.
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 common 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.