DALLAS, July 18, 2019 /PRNewswire/ -- The
Cushing® Renaissance Fund (NYSE: SZC) (the "Fund")
announced the results of its transferable rights offering (the
"Offer"). The Offer commenced on June 19,
2019 and expired on July 18,
2019 (the "Expiration Date"). The Offer entitled rights
holders to subscribe for up to an aggregate of 2,601,714 of the
Fund's common shares of beneficial interest, par value $0.001 per share ("Common Shares"). The
subscription price was $13.15 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 oversubscribed. 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
$35 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 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 providing active management
in markets where inefficiencies exist. As of June 30, 2019 Cushing had approximately
$2.6 billion of assets under
management in closed-end funds, mutual funds, exchange-traded
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:
Brian
Atwood
Cushing® Asset Management, LP
214-635-1707
www.cushingasset.com
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SOURCE Cushing® Asset Management, LP