DALLAS, July 18, 2014 /PRNewswire/ -- The Cushing® Royalty & Income Fund
(the "Fund") (NYSE: SRF) today
announced that the underwriters of its previously announced
public offering of common shares, which was closed on June 23, 2014, have exercised a portion of their
over-allotment option and purchased an additional 270,600 common
shares at a price of $20.25 per
share. The closing of the exercise of the over-allotment option
occurred today. Net proceeds to the Fund from the exercise of the
over-allotment option are approximately $5.2
million, after deducting underwriting discounts and
commissions and other offering expenses. In total, an
aggregate of 2,670,600 common shares were issued in the Fund's
public offering, resulting in net proceeds to the Fund of
approximately $51.6
million.
Stifel, RBC Capital Markets, Oppenheimer & Co. and
Baird acted as joint book-running
managers, and BB&T Capital Markets, Janney Montgomery Scott, Ladenburg Thalmann and
Wunderlich Securities acted as co-managers for the offering.
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 ("MLPs") 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
June 30, 2014, Cushing had approximately $4.3 billion of assets under management in
closed-end funds, mutual funds, privately offered funds and
separately managed accounts.
Source: Cushing®
Asset Management, LP
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 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 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