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The Cushing® Renaissance Fund Announces Exercise of Over-Allotment Option
By: PR Newswire
Nov. 8, 2012 05:59 PM
DALLAS, Nov. 8, 2012 /PRNewswire/ -- The Cushing® Renaissance Fund (the "Fund") (NYSE: SZC) announced today that the underwriters of its previously announced public offering of common shares have exercised their over-allotment option to purchase an additional 650,000 common shares at the public offering price of $25.00 per share. Net proceeds to the Fund from the exercise of the option will be approximately $15.5 million, after deducting underwriting discounts and commissions and other offering expenses. The closing of the over-allotment option is expected to occur on or about November 14, 2012.
The Fund is a non-diversified, closed-end management investment company. 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"). A copy of the final prospectus relating to the offering may be obtained from the following addresses:
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 October 31, 2012, Cushing had approximately $2.3 billion of assets under management in closed-end funds, mutual funds, privately offered funds and separately managed accounts.
SOURCE Cushing® MLP Asset Management, LP and Swank Capital, LLC
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