NEW YORK, June 26, 2013 /PRNewswire/ -- ClearBridge American Energy MLP Fund Inc. (the "Fund") announced today that pricing has been completed for its initial public offering. The Fund raised gross proceeds of approximately $1.05 billion in its common stock offering; assuming full exercise of the underwriters' overallotment option, which may or may not occur, the Fund will have raised approximately $1.2 billion. Its shares began trading today on the New York Stock Exchange under the symbol "CBA".
The Fund's investment objective is to provide a high level of total return, with an equal emphasis on current distributions and capital appreciation. There can be no assurance that the Fund will achieve its investment objective.
The Fund seeks to achieve its investment 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 U.S. based energy MLPs (the "80% policy"). Initially, the Fund intends to focus its investments on MLPs that, in the Fund's opinion, are poised to benefit from the growing production and usage of natural gas, while minimizing exposure to commodity price fluctuations. 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.
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