DALLAS, June 7, 2019 /PRNewswire/ -- The board of
trustees (the "Board") of The Cushing® Renaissance Fund (NYSE:
SZC) (the "Fund") has approved the terms of the issuance of
transferable rights ("Rights") to the holders of the Fund's common
shares (the "Common Shareholders") of beneficial interest, par
value $0.001 per share ("Common
Shares"), as of the record date, entitling the holders of those
Rights to subscribe for Common Shares (the "Offer"). The Board,
based on the recommendations and presentations of the Fund's
investment adviser, Cushing® Asset Management, LP
("Cushing" or the "Investment
Adviser"), and others, has determined that it is in the best
interests of the Fund and the Common Shareholders to conduct the
Offer and thereby to increase the assets of the Fund available for
investment. In making this determination, the Board considered a
number of factors, including potential benefits and costs. In
particular, the Board considered the Investment Adviser's belief
that the Offer would enable the Fund to take advantage of existing
and future investment opportunities that may be or may become
available, consistent with the Fund's investment objective to seek
high total return with an emphasis on current income. The Offer
also seeks to provide an opportunity to existing Common
Shareholders to purchase Common Shares at a discount to market
price (subject to a sales load).
The record date for the Offer is currently expected to be
June 19, 2019 (the "Record Date").
The Fund will distribute to Common Shareholders on the Record Date
("Record Date Common Shareholders") one Right for each Common Share
held on the Record Date. Common Shareholders will be entitled to
purchase one new Common Share for every three Rights held (1 for
3); however, any Record Date Common Shareholder who owns fewer than
three Common Shares as of the Record Date will be entitled to
subscribe for one Common Share. Fractional Common Shares will not
be issued.
The proposed subscription period will commence on the Record
Date and is currently anticipated to expire on July 18, 2019, unless extended by the Fund (the
"Expiration Date"). Rights may be exercised at any time during the
subscription period. The Rights are transferable and are expected
to be admitted for trading on the New York Stock Exchange LLC (the
"NYSE") under the symbol "SZC RT" during the course of the
Offer.
The subscription price per Common Share (the "Subscription
Price") will be determined on the Expiration Date, and will be
equal to 90% of the average of the last reported sales price of a
Common Share of the Fund on the NYSE on the Expiration Date and
each of the four (4) immediately preceding trading days (the
"Formula Price"). If, however, the Formula Price is less than 78%
of the Fund's net asset value per Common Share at the close of
trading on the NYSE on the Expiration Date, the Subscription Price
will be 78% of the Fund's net asset value per Common Share at the
close of trading on the NYSE on that day. The estimated
Subscription Price has not yet been determined by the Fund.
Record Date Common Shareholders who exercise all of their
primary subscription Rights will be eligible for an
over-subscription privilege entitling Record Date Common
Shareholders to subscribe, subject to certain limitations and
allotment, for any additional Common Shares not purchased pursuant
to the primary subscription.
The Fund has declared a regular monthly distribution to Common
Shareholders payable on June 28, 2019
with a record date of June 14, 2019,
which will not be payable with respect to Common Shares issued
pursuant to the Offer. The Fund also expects to declare a regular
monthly distribution to Common Shareholders payable on or about
July 31, 2019 with a record date on
or about July 3, 2019, which will not
be payable with respect to Common Shares that are issued pursuant
to the Offer after such record date.
The Offer will be made only by means of a prospectus supplement
and accompanying prospectus. The Fund expects to mail subscription
certificates evidencing the Rights and a copy of the prospectus
supplement and accompanying prospectus for the Offer to Record Date
Common Shareholders within the United
States shortly following the Record Date. To exercise their
Rights, Common Shareholders who hold their Common Shares through a
broker, custodian or trust company should contact such entity to
forward their instructions to either exercise or sell their Rights
on their behalf. Common Shareholders who do not hold Common Shares
through a broker, custodian, or trust company should forward their
instructions to either exercise or sell their Rights by completing
the subscription certificate and delivering it to the subscription
agent for the Offer, together with their payment, at one of the
locations indicated on the subscription certificate or in the
prospectus supplement.
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. The Fund's prospectus
supplement and accompanying prospectus will contain this and
additional information about the Fund and additional information
about the Offer, and should be read carefully before investing. For
further information regarding the Offer, or to obtain a prospectus
supplement and the accompanying prospectus, when available, please
contact the Fund's information agent:
Georgeson LLC
1290 Avenue of the Americas,
9th Floor
New
York, NY 10104
(866) 775-2705
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
March 31, 2019, Cushing had approximately $3.1 billion of assets under management in
closed-end funds, mutual funds, privately offered funds and
separately managed accounts 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 New York Stock Exchange 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.
For information about the Fund, please contact your financial
advisor.
Contact:
Brian
Atwood
Cushing® Asset
Management, LP
214-635-1702
Website: http://www.cushingcef.com/cushing-reinassance-fund
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SOURCE Cushing Asset Management, LP