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ClearBridge MLP and Midstream Fund (NYSE: CEM) announced its unaudited financial data as of May 31, 2024. The fund reported net assets of $658.9 million and a net asset value (NAV) per share of $49.56. Total assets stood at $777.1 million, with major investments in companies like ONEOK Inc., Energy Transfer LP, and Targa Resources Corp. Cash and cash equivalents were at $127.1 million. The asset coverage ratio for senior indebtedness was 1,693%, and for total leverage, it was 744%. Key liabilities included senior notes worth $45 million and mandatory redeemable preferred shares valued at $57.4 million. The fund's top ten equity holdings constituted 77.2% of total equity investments.
ClearBridge MLP and Midstream Fund (NYSE: CEM) has announced details of its cash tender offer for up to 50% of its outstanding common stock. The offer price per share will be 100% of the Fund's net asset value (NAV) on the expiration day, June 20, 2024. If oversubscribed, shares will be repurchased on a pro rata basis. The Fund will reposition its portfolio to ensure it can pay proceeds promptly. The offer commenced on May 21, 2024. Investors should read the related SEC documentation for important information. There is no assurance that the repurchase will reduce or eliminate the Fund's market price discount to its NAV.
ClearBridge Energy Midstream Opportunity Fund (NYSE: EMO), ClearBridge MLP and Midstream Fund (NYSE: CEM), and ClearBridge MLP and Midstream Total Return Fund (NYSE: CTR) announced the results of stockholder votes at a special meeting on May 17, 2024.
Stockholders approved the merger of CEM and CTR into EMO. Upon completion, CEM and CTR shares will convert into full shares of EMO based on net asset value, with cash paid for fractional shares.
EMO will issue new Mandatory Redeemable Preferred Stock (MRPS) to CEM and CTR holders, aligning voting rights. The funds are managed by Franklin Templeton Fund Adviser, with ClearBridge Investments as subadvisor. This move consolidates management under EMO, potentially streamlining operations and reducing costs.
ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) disclosed unaudited balance sheet data as of April 30, 2024, showing net assets of $649.6 million, net asset value per share at $48.87, with asset coverage ratios of 1,673% for senior indebtedness and 735% for total leverage under the 1940 Act. The fund's top ten equity holdings include Energy Transfer LP, ONEOK Inc., and Targa Resources Corp. among others.
Franklin Templeton Fund Adviser, announced distributions for May 2024 for closed end funds. Record Date: 5/23/2024, Ex-Dividend Date: 5/22/2024, Payable Date: 5/31/2024. Ticker Fund Name Amount: CEM ClearBridge MLP and Midstream Fund Inc. $0.7700, EMO ClearBridge Energy Midstream Opportunity Fund Inc. $0.6700, CTR ClearBridge MLP and Midstream Total Return Fund Inc. $0.7000. Distributions may be dividend income, return of capital, or a combination. Stockholders will receive Form 1099-DIV in early 2025 for tax reporting. Franklin Templeton Fund Adviser, is a subsidiary of Franklin Resources, Inc. Fund share price fluctuates with market conditions. Shares often trade at a discount. All investments carry risk.
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