Certain Franklin Templeton Closed-End Funds Announce Private Placements of Preferred Stock
November 18 2022 - 8:00AM
Business Wire
ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), ClearBridge
Energy Midstream Opportunity Fund Inc. (NYSE: EMO) and ClearBridge
MLP and Midstream Total Return Fund Inc. (NYSE: CTR) (each a “Fund”
and together, the “Funds”) announced today that each Fund completed
private placements of fixed-rate Mandatory Redeemable Preferred
Stock (“MRPS”) on November 17, 2022, raising additional capital for
each Fund. Net proceeds from the offering will be used for general
corporate purposes and to refinance existing leverage.
The table below summarizes the key terms of the offering.
CEM
Security
Aggregate
Amount
Rate
Liquidation
Preference
Maturity
Mandatory Redeemable Preferred Stock
Series L
$15,000,020
7.12%
$35
November 17, 2029
Series M
$10,000,025
7.28%
$35
November 17, 2032
EMO
Security
Aggregate
Amount
Rate
Liquidation
Preference
Maturity
Mandatory Redeemable Preferred Stock
Series L
$17,000,070
7.28%
$30
November 17, 2032
CTR
Security
Aggregate
Amount
Rate
Liquidation
Preference
Maturity
Mandatory Redeemable Preferred Stock
Series E
$11,000,010
7.12%
$30
November 17, 2029
Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is investment
manager to each Fund and ClearBridge Investments, LLC
(“ClearBridge”) is each Fund’s subadviser. LMPFA and ClearBridge
are indirect, wholly-owned subsidiaries of Franklin Resources, Inc.
(“Franklin Resources”). Franklin Resources is a global investment
management organization with subsidiaries operating as Franklin
Templeton.
For more information about the Funds, please call 1-888-777-0102
or consult the Funds’ website at
www.franklintempleton.com/investments/options/closed-end-funds.
Hard copies of the Funds’ complete audited financial statements are
available free of charge upon request.
Data and commentary provided in this press release are for
informational purposes only. Franklin Resources and its affiliates
do not engage in selling shares of the Funds.
The Funds’ shares are traded on the New York Stock Exchange.
Similar to stocks, the Funds’ share prices will fluctuate with
market conditions and, at the time of sale, may be worth more or
less than the original investment. Shares of closed-end funds often
trade at a discount to their NAV, and can increase an investor’s
risk of loss. All investments are subject to risk, including the
risk of loss.
This press release contains “forward-looking statements” as
defined under the U.S. federal securities laws. Generally, the
words “believe,” “expect,” “intend,” “estimate,” “anticipate,”
“project,” “will,” and similar expressions identify forward looking
statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual future results to differ
significantly from each Fund’s present expectations or projections
indicated in any forward-looking statements. These risks include,
but are not limited to, changes in economic and political
conditions; regulatory and legal changes; leverage risk; valuation
risk; interest rate risk; tax risk; the continuation of investment
advisory, administration and other service arrangements; and other
risks discussed in the Fund’s filings with the Securities and
Exchange Commission. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Each Fund undertakes no obligation to publicly update or
revise any forward-looking statements made herein. There is no
assurance that Fund’s investment objectives will be attained.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY
LOSE VALUE
Category: Corporate Action
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
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version on businesswire.com: https://www.businesswire.com/news/home/20221118005161/en/
Media Contact: Fund Investor Services 1-888-777-0102
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