DALLAS, June 17, 2014 /PRNewswire/ -- The Cushing® Royalty & Income Fund
(the "Fund") (NYSE: SRF) today announced that it has commenced a
public offering of 2,000,000 common shares pursuant to the Fund's
effective shelf registration statement filed with the U.S.
Securities and Exchange Commission (the "SEC"). The Fund also
intends to grant the underwriters a 30-day option to purchase up to
300,000 additional common shares to cover overallotments, if any.
Net proceeds of the offering will be used to make additional
portfolio investments that are consistent with the Fund's
investment objective.
Stifel, RBC Capital Markets, Oppenheimer & Co. and
Baird are acting as joint
book-running managers for the offering. The offering of these
securities will be made only by means of a prospectus. A copy of
the preliminary prospectus supplement relating to the offering and
accompanying base prospectus may be obtained from the following
addresses:
Stifel
Attn: Syndicate Department
One South Street, 15th Floor
Baltimore, MD 21202
Phone: 855-300-7136
syndprospectus@stifel.com
RBC Capital Markets
Attn: Equity Syndicate
Three World Financial Center
200 Vesey Street, 8th Floor
New York, New York 10281
Phone: 877-822-4089
equityprospectus@rbccm.com
Oppenheimer & Co.
Attn: Syndicate Prospectus Dept.
85 Broad St., 26th Floor
New York, New York 10004
Phone: 212-667-8563
EquityProspectus@opco.com
Baird
Attention: Syndicate Department
777 E. Wisconsin Ave.
Milwaukee, WI 53202
Phone: 800-792-2473
syndicate@rwbaird.com
Investors may also obtain these documents free of charge from
the SEC's website at www.sec.gov.
An investor should read the Fund's preliminary prospectus
supplement and accompanying base prospectus carefully before
investing. The preliminary prospectus supplement and accompanying
base prospectus contain important information about the Fund and
its investment objective and policies, risks, charges and
expenses.
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 tax-efficient vehicle to invest in a portfolio
of energy-related U.S. royalty trusts, exploration and production
master limited partnerships and Canadian royalty trusts and
exploration and production companies and other energy assets. The
Fund's common shares are traded on the New York Stock Exchange
under the symbol "SRF."
The Fund is managed by Cushing® Asset Management, LP
("Cushing"). No assurance can be
given that the Fund's investment objective will be achieved.
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
May 31, 2014, Cushing had approximately $4.0 billion of assets under management in
closed-end funds, mutual funds, privately offered funds and
separately managed accounts.
IMPORTANT INFORMATION
This press release does not constitute an offer to sell or a
solicitation to buy the securities described herein, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer or solicitation or sale would be unlawful prior
to registration or qualification under the laws of such state or
jurisdiction. A registration statement relating to these securities
was filed with, and has been declared effective by, the SEC. The
securities being offered have not been approved or disapproved by
any regulatory authority, nor has any such authority passed upon
the accuracy or adequacy of the preliminary prospectus supplement,
prospectus or shelf registration statement.
This press release contains certain statements that may include
"forward-looking statements." Forward-looking statements can be
identified by the words "may," "will," "intend," "expect,"
"estimate," "continue," "plan," "anticipate," and similar terms and
the negative of such terms. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results
could differ materially from those contemplated by the
forward-looking statements. Many factors that could materially
affect the Fund's actual results are the performance of the
portfolio of securities held by the Fund, the conditions in the
U.S. and international financial, petroleum and other markets, the
price at which the Fund's common shares trade in the public markets
and other factors discussed in the Fund's preliminary prospectus
supplement and accompanying base prospectus and to be discussed in
the Fund's periodic filings with the SEC.
Although the Fund and Cushing
believe that the expectations expressed in such forward-looking
statements are reasonable, actual results could differ materially
from those expressed or implied in such forward-looking statements.
The Fund's future financial condition and results of operations, as
well as any forward-looking statements, are subject to change and
are subject to inherent risks and uncertainties. You are cautioned
not to place undue reliance on these forward-looking statements,
which are made as of the date of this press release. Except for the
Fund's ongoing obligations under the federal securities laws, the
Fund does not intend, and the Fund undertakes no obligation, to
update any forward-looking statement.
SOURCE Cushing Asset Management, LP