Published on 1/9/2015 in the Prospect News Preferred Stock Daily and Prospect News Private Placement Daily.
New Issue: ClearBridge Energy fund places $42 million of mandatory redeemable preferred stock
By Stephanie N. Rotondo
Phoenix, Jan. 9 – ClearBridge Energy MLP Fund Inc. wrapped a $42 million private placement of two series of fixed-rate mandatory redeemable preferred shares, according to a press release published Friday.
The New York-based closed-end management investment fund sold $19 million of 3.85% series A shares, which mature Jan. 8, 2021.
Another $23 million of 4.18% series B preferreds were priced as well. The latter issue matures Jan. 8, 2023.
Proceeds will be used for new portfolio investments and for general corporate purposes.
| Issuer: | ClearBridge Energy MLP Fund Inc.
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| Securities: | Fixed-rate mandatory redeemable preferred stock
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| Amount: | $42 million
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| Liquidation preference: | $100,000
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| Pricing date: | Jan. 8
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| Distribution: | Private placement
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| Series A
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| Amount: | $19 million, or 190 shares
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| Maturity: | Jan. 8, 2021
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| Dividend: | 3.85%
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| Series B
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| Amount: | $23 million, or 230 shares
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| Maturity: | Jan. 8, 2023
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| Dividend: | 4.18%
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