Goldman Sachs Asset Management (“GSAM”), investment adviser for the Goldman Sachs MLP Income Opportunities Fund (GMZ) and Goldman Sachs MLP and Energy Renaissance Fund (GER) (together, the “Funds”), announced today that the reorganization of GMZ with and into GER (the “Reorganization”) was completed prior to the open of trading on the New York Stock Exchange on September 28, 2020.
When the New York Stock Exchange opens on Monday, September 28, 2020, shareholders of GMZ will hold newly issued common shares of GER, the aggregate net asset value (“NAV”) (not the market value) of which will equal the aggregate NAV (not the market value) of the common shares of GMZ held by such shareholders as of the valuation time specified in the Agreement and Plan of Reorganization (although such shareholders will receive cash for fractional common shares). The Reorganization was a tax-free event, and as a result, shareholders of GMZ and GER are not expected to recognize a gain or loss for federal income tax purposes as a result of the Reorganization (except any gain or loss that may result from the receipt of cash in lieu of fractional shares). Detailed information on the Reorganization is contained in the Joint Proxy Statement/Prospectus previously filed with the SEC.
The exchange rate was based on each Fund’s relative NAV per share as of September 25, 2020, as listed below:
NAV per share
Goldman Sachs MLP and Energy Renaissance Fund (GER)
Goldman Sachs MLP Income Opportunities Fund (GMZ)
*GMZ NAV per share/GER NAV per share
GER issued approximately 8,363,886 new common shares in connection with the Reorganization, bringing the total number of its outstanding common shares to approximately 17,221,936. Following the closing of the Reorganization, GER’s total assets and NAV per share were approximately $139,791,208 and $8.12, respectively.
Goldman Sachs MLP and Energy Renaissance Fund The Fund is a non-diversified, closed-end management investment company managed by GSAM’s Energy & Infrastructure Team, which is among the industry’s largest master limited partnership (“MLP”) investment groups. The Fund began trading on the NYSE on September 26, 2014.
The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Fund invests primarily in MLPs and other energy investments. The Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Fund invests across the energy value chain, including upstream, midstream and downstream investments.
About Goldman Sachs Asset Management, L.P.
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), and supervises $1.88 trillion as of June 30, 2020.1 GSAM has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
1 Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.
Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that the Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.
Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this press release concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Investors should carefully review and consider the Fund’s investment objective, risks, charges and expenses before investing.
For additional information, please visit the Fund’s website at www.GSAMFUNDS.com/cef.
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Compliance Code: 216453-OTU
Date of First Use: September 28, 2020
Patrick Scanlan Tel: 212-902-6164
Charles Sturges Tel: 212-902-7996