The Cushing MLP Total Return Fund Announces Exercise By The Underwriters Of The Option To Purchase Additional Common Shares
DALLAS, March 16 /PRNewswire-FirstCall/ -- The Cushing MLP Total Return Fund (the "Fund") (NYSE: SRV) today announced the underwriters of its common stock offering exercised their option to purchase an additional 600,000 shares at a price of $8.05 per share. The option was granted to the underwriters in connection with the Fund's public offering of 4,000,000 shares of common shares. Net proceeds from the offering of approximately $34.87 million will be used to make additional portfolio investments that are consistent with the Fund's investment objective and for general corporate purposes. The offering is scheduled to close on March 17, 2010.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (Amex: LTS), acted as sole book-running manager for the offering. Maxim Group LLC and National Securities Corporation acted as co-managing underwriters for the offering.
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 Securities and Exchange Commission.
A bout The Cushing MLP Total Return FundThe Cushing MLP Total Return Fund is a non-diversified, closed-end management investment company. The Fund's investment objective is to obtain a high after-tax total return from a combination of capital appreciation and current income. No assurance can be given that the Fund's investment objective will be achieved. The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in MLP investments.
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