HOUSTON, April 28, 2014 /PRNewswire/ -- Salient Capital
Advisors, LLC announced today that the Boards of Trustees of
Salient MLP & Energy Infrastructure Fund (NYSE: SMF) and
Salient Midstream & MLP Fund (NYSE: SMM) (together, the "Funds"
and each a "Fund") have approved a proposed reorganization, subject
to shareholder approval, under which shareholders of SMF will
receive SMM common shares and SMM would acquire substantially all
of the assets and liabilities of SMF. Such transaction would occur
on the basis of relative net asset value of the Funds.
The Funds have similar portfolios and operations and the Boards
of Trustees believe that the transaction presents the opportunity
for enhanced long-term market liquidity through increased trading
volume, potential cost savings through increased economies of
scale, and similar size-related benefits and flexibility.
The Funds currently expect to file with the Securities and
Exchange Commission a joint proxy statement/prospectus on Form N-14
with respect to the reorganization in the coming weeks. The
reorganization is conditioned upon the approval of the Funds'
shareholders. Subject to such shareholder approval and the
satisfaction of certain conditions, the transaction is currently
expected to close later in 2014.
Salient MLP & Energy Infrastructure Fund is a
Delaware statutory trust
registered as a non-diversified, closed-end management investment
company under the Investment Company Act of 1940, as amended. The
Fund's investment objective is to provide a high level of total
return with an emphasis on making quarterly cash distributions to
shareholders. The Fund seeks to achieve that objective by investing
at least 80% of its total assets in securities of MLPs and energy
infrastructure companies. There can be no assurance that the Fund
will achieve its investment objective.
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 the 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 volume of sales and
purchase of shares; 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. The Fund
undertakes no obligation to publicly update or revise any
forward-looking statements made herein. There is no assurance that
the Fund's investment objective will be attained.
CONTACT:
Chris Moon
JCPR
cmoon@jcprinc.com
973-850-7304
Salient Capital Advisors, LLC
Investor Relations
mlpinfo@salientpartners.com
800-809-0525
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SOURCE Salient MLP & Energy Infrastructure Fund