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June 27, 2012 /PRNewswire/ -- ClearBridge Energy MLP Total Return Fund Inc. (the "Fund") announced today that pricing has been completed for its initial public offering. The Fund offering raised
$700 million in its common stock offering; assuming full exercise of the underwriters' overallotment option, which may or may not occur, the Fund will have raised
$796.75 million. Its shares began trading today on the New York Stock Exchange under the symbol "CTR".
The Fund's investment objective is to provide a high level of total return, consisting of cash distributions and capital appreciation. There can be no assurance that the Fund will achieve its investment objective.
The Fund seeks to achieve its objective by investing primarily in energy master limited partnerships ("MLPs"). Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in energy MLPs (the "80% policy"). For purposes of the 80% policy, the Fund considers investments in MLPs to include investments that offer economic exposure to public and private MLPs in the form of MLP equity securities, securities of entities holding primarily general partner or managing member interests in MLPs, securities that are derivatives of interests in MLPs, including I-Shares, exchange-traded funds that primarily hold MLP interests and debt securities of MLPs. Energy entities are engaged in the business of exploring, developing, producing, gathering, transporting, processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal. "Managed Assets" means net assets plus the amount of any borrowings and assets attributable to any preferred stock of the Fund that may be outstanding.
"As new infrastructure comes online due to increasing U.S. production of oil, natural gas and natural gas liquids, we believe that MLP distribution rates are poised to accelerate," stated
Chris Eades, Portfolio Manager and Director of Research for ClearBridge Advisors, LLC. "CTR is intended to focus on MLPs with higher distribution growth rates, which we think can help the Fund deliver attractive distributions
and offer the potential for above-average total returns."
"In this low-yielding environment, investors are clamoring for income, and CTR offers an attractive income alternative." stated
William Golden, Head of Product for
Legg Mason. "The Fund is just one example of how
Legg Mason and our investment managers are providing timely and innovative solutions to meet evolving investor needs."
ClearBridge Energy MLP Total Return Fund Inc. is a newly organized, non-diversified, closed-end management investment company which is advised by Legg Mason Partners Fund Advisor, LLC and subadvised by ClearBridge Advisors, LLC, both of which are wholly owned subsidiaries of Legg Mason Inc. ("
The underwriting syndicate was led by Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC and Ameriprise Financial Services, Inc.