DALLAS, March 22, 2018 /PRNewswire/ -- The Cushing® Renaissance Fund (NYSE:
SZC) (the "Fund") announced the results of its transferable rights
offering (the "Offer"). The Offer commenced on February 16, 2018 and expired on March 22, 2018 (the "Expiration Date"). The Offer
entitled rights holders to subscribe for up to an aggregate of
1,951,286 of the Fund's common shares of beneficial interest, par
value $0.001 per share ("Common
Shares"). The subscription price was $14.88 per Common Share and was determined based
upon a formula equal to 78% of the Fund's net asset value ("NAV")
per Common Share at the close of trading on the New York Stock
Exchange ("NYSE") on the Expiration Date. The Offer was
over-subscribed. Common Shares will be issued promptly after
completion and receipt of all shareholder payments and the pro-rata
allocation of Common Shares in respect of the over-subscription
privilege.
Gross proceeds of the Offer are expected to be approximately
$29.3 million. The Fund intends to
invest the net proceeds of the Offer in accordance with its
investment objective and policies.
This document is not an offer to sell any securities and is
not soliciting an offer to buy any securities in any jurisdiction
where the offer or sale is not permitted. This document is not an
offering, which can only be made by a prospectus. Investors should
consider the Fund's investment objectives, risks, charges and
expenses carefully before investing. Such information, including
other information about the Fund, can be found on file with the
Securities and Exchange Commission and should be read carefully
before investing.
About Cushing®
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
December 31, 2017, Cushing had approximately $3.6 billion of assets under management in
closed-end funds, mutual funds, privately offered funds and
separately managed accounts.
About Cushing® Renaissance
Fund
The Fund is a non-diversified, closed-end management investment
company with an investment objective of seeking 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
traded on the NYSE under the symbol "SZC."
The Fund utilizes leverage as part of its investment strategy.
There can be no assurance that the Fund will achieve its investment
objectives.
Website: http://www.cushingcef.com/
Contact:
Judson
Redmond
Cushing® Asset
Management, LP
214-635-1702
www.cushingasset.com
View original
content:http://www.prnewswire.com/news-releases/cushing-renaissance-fund-announces-the-results-of-its-rights-offering-300618544.html
SOURCE Cushing® Asset Management, LP