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.
Cushing® Asset Management, LP