DALLAS, Sept. 28, 2012 /PRNewswire/ -- Cushing® MLP Asset Management, LP is pleased to announce the launch of The Cushing® Renaissance Fund (the "Fund"), a newly organized closed-end fund. The Fund completed its initial public offering of 5,400,000 common shares at a price of $25.00 per common share and raised $135 million in gross proceeds. The Fund has granted the underwriters an option to purchase up to 810,000 additional common shares at the public offering price, less the underwriting discount, within 45 days of the offering to cover over-allotments, if any. Should the underwriters exercise their overallotment option in full, the Fund will have raised gross proceeds of approximately $155.25 million. The Fund's common shares trade on the New York Stock Exchange under the symbol "SZC".
The Fund's investment objective is to seek a high total return with an emphasis on current income. The Fund seeks to provide shareholders with a vehicle to invest in an actively managed portfolio of companies that may benefit from the developing U.S. energy, industrial and manufacturing renaissance. The Fund is managed by Cushing® MLP Asset Management, LP, a wholly-owned registered investment adviser subsidiary of Swank Capital, LLC.
The underwriting syndicate was led by Stifel Nicolaus Weisel, RBC Capital Markets and Oppenheimer & Co. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission ("SEC"). This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale, of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. An offer will be made only by means of the prospectus. A copy of the final prospectus relating to the offering may be obtained, when available, from the following addresses:
Stifel Nicolaus | RBC Capital Markets, LLC | Oppenheimer & Co. Inc. |
Attn: Syndicate Department | Attn: Equity Syndicate | Attn: Syndicate Prospectus Dept. |
One South Street, 15th Floor | Three World Financial Center | 85 Broad St., 26th Floor |
Baltimore, MD 21202 | 200 Vesey Street, 8th Floor | New York, New York 10004 |
Phone: 443-413-1988 | New York, New York 10281 | Phone: 212-667-8563 |
Phone: 877-822-4089 |
Investors may also obtain these documents free of charge from the SECs website at www.sec.gov. An investor should read the Fund's prospectus carefully before investing.
ABOUT CUSHING® MLP ASSET MANAGEMENT, LP.
Cushing® MLP Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of MLPs and other natural resource companies. As of August 30, 2012, Cushing had approximately $2 billion of assets under management in closed-end funds, an open-end fund, privately offered funds and separately managed accounts.
Contact: | Gavin Worthy |
Vice President | |
Phone: | 214-692-6334 |
Email: |
SOURCE Swank Capital, LLC; Cushing MLP Asset Management, LP
