Cohen & Steers Infrastructure Fund, Inc. Announces Terms of Transferable Rights Offering
Cohen & Steers Infrastructure Fund (NYSE: UTF) has announced a transferable rights offering to existing shareholders. The Fund will issue one transferable right for each common share held as of September 22, 2025, with five rights required to purchase one new common share at the Subscription Price.
The Subscription Price will be set at 95% of the average closing price over the final five trading days of the offer, or 90% of NAV if that amount is higher. The offering is expected to expire on October 16, 2025. Record Date Stockholders who fully exercise their rights will have an over-subscription privilege for unsubscribed shares.
The Advisor believes this is an opportune time to raise capital due to attractive infrastructure valuations, particularly in sectors benefiting from AI and data center growth. Notably, all offering expenses will be borne by the Advisor, not the Fund.
Cohen & Steers Infrastructure Fund (NYSE: UTF) ha annunciato un'offerta trasferibile di diritti riservata agli azionisti esistenti. Il Fondo emetterà un diritto trasferibile per ogni azione ordinaria posseduta alla data del 22 settembre 2025; cinque diritti saranno necessari per acquistare una nuova azione ordinaria al Prezzo di Sottoscrizione.
Il Prezzo di Sottoscrizione sarà pari al 95% del prezzo medio di chiusura degli ultimi cinque giorni di negoziazione dell'offerta, oppure al 90% del NAV se questo importo risulterà più elevato. L'offerta dovrebbe scadere il 16 ottobre 2025. Gli azionisti alla data di registrazione che eserciteranno integralmente i loro diritti avranno un privilegio di sovrasottoscrizione per le azioni non sottoscritte.
L'Advisor ritiene che sia un momento favorevole per raccogliere capitale, dati i valutazioni interessanti nel settore infrastrutturale, in particolare nelle aree che beneficiano della crescita dell'AI e dei data center. Tutte le spese dell'offerta saranno sostenute dall'Advisor e non dal Fondo.
Cohen & Steers Infrastructure Fund (NYSE: UTF) ha anunciado una oferta de derechos transferibles para los accionistas existentes. El Fondo emitirá un derecho transferible por cada acción ordinaria en poder al 22 de septiembre de 2025; se requerirán cinco derechos para comprar una nueva acción ordinaria al Precio de Suscripción.
El Precio de Suscripción se fijará en el 95% del precio medio de cierre durante los últimos cinco días hábiles de la oferta, o en el 90% del NAV si ese importe resulta superior. Se espera que la oferta expire el 16 de octubre de 2025. Los accionistas registrados que ejerzan plenamente sus derechos contarán con un privilegio de sobresuscripción para las acciones no suscritas.
El Asesor considera que es un momento oportuno para captar capital debido a las atractivas valoraciones en infraestructuras, especialmente en los sectores que se benefician del crecimiento de la IA y de los centros de datos. Todas las gastos de la oferta correrán a cargo del Asesor, no del Fondo.
Cohen & Steers Infrastructure Fund (NYSE: UTF)는 기존 주주들을 대상으로 양도 가능한 권리공모를 발표했습니다. 펀드는 2025년 9월 22일 기준 보유한 보통주 1주당 1개의 양도권을 발행하며, 신규 보통주 1주를 매수하려면 5개의 권리가 필요합니다.
청약가격은 공모 마지막 5거래일의 평균 종가의 95%로 정해지며, 그 금액보다 NAV의 90%가 더 높을 경우에는 NAV의 90%가 적용됩니다. 공모는 2025년 10월 16일에 만료될 예정입니다. 기록일 주주가 권리를 전액 행사하면 미청약 주식에 대해 초과청약 권리가 부여됩니다.
자문사는 AI 및 데이터센터 성장의 수혜 업종을 중심으로 인프라 밸류에이션이 매력적이어서 자본 조달에 적절한 시기라고 판단합니다. 또한 공모 관련 모든 비용은 펀드가 아닌 자문사가 부담합니다.
Cohen & Steers Infrastructure Fund (NYSE: UTF) a annoncé une offre de droits transférables destinée aux actionnaires existants. Le Fonds émettra un droit transférable pour chaque action ordinaire détenue au 22 septembre 2025; cinq droits seront nécessaires pour acheter une nouvelle action ordinaire au Prix de Souscription.
Le Prix de Souscription sera fixé à 95% du cours de clôture moyen sur les cinq derniers jours de négociation de l'offre, ou à 90% de la VNI si ce montant est supérieur. L'offre devrait expirer le 16 octobre 2025. Les actionnaires inscrits à la date de référence qui exercent pleinement leurs droits bénéficieront d'un privilège de sur-souscription pour les actions non souscrites.
Le conseil estime que c'est un moment opportun pour lever des fonds en raison de valorisations attractives des infrastructures, notamment dans les secteurs bénéficiant de la croissance de l'IA et des centres de données. Toutes les dépenses liées à l'offre seront à la charge du conseiller et non du Fonds.
Cohen & Steers Infrastructure Fund (NYSE: UTF) hat ein übertragbares Bezugsrecht-Angebot für bestehende Anteilseigner angekündigt. Der Fonds wird für jede am 22. September 2025 gehaltene Stammaktie ein übertragbares Bezugsrecht ausgeben; fünf Rechte sind erforderlich, um eine neue Stammaktie zum Zeichnungspreis zu erwerben.
Der Zeichnungspreis wird auf 95% des durchschnittlichen Schlusskurses der letzten fünf Handelstage des Angebots festgesetzt oder auf 90% des NAV, falls dieser Betrag höher ist. Das Angebot wird voraussichtlich am 16. Oktober 2025 auslaufen. Aktionäre am Stichtag, die ihre Rechte vollständig ausüben, erhalten ein Überzeichnungsrecht für nicht gezeichnete Aktien.
Der Advisor hält den Zeitpunkt für geeignet, Kapital zu beschaffen, da Infrastrukturbewertungen attraktiv erscheinen, insbesondere in Bereichen, die vom Wachstum von KI und Rechenzentren profitieren. Alle Angebotskosten werden vom Advisor getragen, nicht vom Fonds.
- Subscription price offers a discount of 5% to market price or 10% to NAV, whichever provides better shareholder value
- All offering expenses will be paid by the Advisor, not the Fund or shareholders
- Potential to lower Fund's expense ratio by spreading fixed costs across larger asset base
- Rights are transferable and will trade on NYSE, providing flexibility for shareholders
- Fund expects to maintain current monthly distribution of $0.155 per share
- Shareholders who don't participate will face potential dilution
- New shares won't be eligible for September and October 2025 distributions
- Requires investment of additional capital to avoid dilution
Insights
UTF announces rights offering allowing existing shareholders to buy more shares at 5-10% discount, potentially lowering expense ratio while maintaining distributions.
Cohen & Steers Infrastructure Fund (UTF) has announced a transferable rights offering that gives existing shareholders as of September 22, 2025, the opportunity to purchase additional fund shares. The mechanics are quite favorable to current investors: shareholders will receive one right per share owned, with five rights needed to purchase one new share at a 5% discount to the average market price
The pricing formula offers strong downside protection - if the calculated price falls below 90% of NAV, the subscription price will be set at 90% of NAV, effectively capping the maximum discount. This structure protects against excessive dilution while still providing an attractive entry point.
What's particularly noteworthy is that the advisor will cover all offering expenses, not the fund itself. This is quite shareholder-friendly compared to many rights offerings where existing shareholders ultimately bear the costs. The fund also commits to maintaining its current $0.155 monthly distribution ($1.86 annualized), addressing a common concern about potential distribution cuts following capital raises.
This offering appears strategically timed to capitalize on infrastructure investment opportunities in power generation and data infrastructure needed to support AI development. The transferable nature of the rights means shareholders who don't wish to participate can sell their rights on the NYSE, potentially recouping some value that would otherwise be lost to dilution.
For existing shareholders, this offering presents three options: 1) exercise rights to maintain or increase position at a discount, 2) sell rights to offset dilution impact, or 3) do nothing and accept some dilution. The fund's expense ratio could decrease if fixed costs are spread across a larger asset base, benefiting all shareholders regardless of participation.
Cohen & Steers Capital Management, Inc. (the "Advisor") believes that this is an attractive time to raise additional assets for the Fund because equity investments in listed infrastructure in key subsectors and stocks offers attractive current valuations and growth potential. At the fund level this enables portfolio opportunities for total return and income generation, benefitting all common stockholders.
The opportunities in listed infrastructure appear supported by the current macroeconomic backdrop and capital investment opportunities, including increasing demand for power and digitalization, creating an attractive entry point. Furthermore, growing demand from artificial intelligence ("AI") and data centers may drive increased capital expenditure, power utilization, and global infrastructure investment.
Ben Morton, Executive Vice President and Head of Global Infrastructure, said:
"This rights offering reflects Cohen & Steers' long-term leadership in infrastructure investing. Global infrastructure is a resilient and income-generating asset class, supported by essential services driving demand across utilities, energy, transportation, and communications. This offering supports the Fund's disciplined capital management approach while enabling investors to capitalize on attractive valuations and these ongoing secular tailwinds."
An increase in the Fund's assets may also lower the Fund's expense ratio, as fixed operating costs would be spread across a larger asset base. Additionally, the Offer creates potential for increased liquidity and trading volume of the Fund's shares of common stock. Importantly, the Advisor (and not the Fund) will pay all offering expenses, including the solicitation and dealer manager fees, in support of the transaction.
Certain key terms of the Offer are as follows:
- Common stockholders on the Record Date ("Record Date Stockholders") will receive one transferable right for each share of common stock owned.
- Five Rights are required to purchase one newly issued share of common stock at the Subscription Price (defined below). The Fund will not issue fractional shares, so Record Date Stockholders holding fewer than five Rights will be entitled to subscribe for one full share of common stock.
- The Subscription Price will be determined by the Fund upon the expiration of the Offer, which is currently expected to be October 16, 2025, unless the Fund extends the Offer (the "Expiration Date"). The Subscription Price will be based upon a formula equal to
95% of the average of the last reported sales price of a share of common stock on the NYSE on the Expiration Date, and each of the four preceding trading days (the "Formula Price"). If, however, the Formula Price is less than90% of the net asset value at the close of trading on the Expiration Date, then the Subscription Price will be90% of the Fund's net asset value on the Expiration Date. - Record Date Stockholders who fully exercise all Rights initially issued to them will be permitted to subscribe for additional shares of common stock that were not subscribed for by other Record Date Stockholders at the Subscription Price ("over-subscription privilege"). Investors who are not Record Date Shareholders, but who otherwise acquire Rights, are not entitled to subscribe for any additional shares of common stock. Over-subscription shares may only be acquired if there are unexercised Rights. If sufficient shares of common stock are not available to honor all over-subscription requests, unsubscribed shares of common stock will be allocated pro rata among those Record Date Stockholders who over-subscribe based on the number of shares of common stock they owned on the Record Date.
- The Rights are expected to trade "when issued" on the NYSE beginning on September 19, 2025, and the Fund's shares of common stock are expected to trade "ex-Rights" on the NYSE beginning on September 22, 2025. The Rights are expected to begin trading for normal settlement on the NYSE (NYSE: UTF RT) on or about September 25, 2025.
- The Offer is expected to expire at 5:00 PM Eastern Time on October 16, 2025, unless extended.
- The definitive terms of the Offer will be made through a prospectus supplement and accompanying prospectus. The final terms of the Offer may be different from those set out above.
- All offering expenses, including sales commissions, will be borne by the Advisor and not the Fund or any of the Fund's common stockholders.
The Fund expects to maintain its current distribution level following the Offer. The Fund has declared a monthly distribution of
The Fund expects to mail subscription certificates evidencing the Rights and a copy of the prospectus supplement and accompanying prospectus for the Offer to Record Date Stockholders within
Record Date Stockholders who hold shares of common stock through a broker, custodian or trust company can most likely act electronically and should contact such entity to understand their procedure to exercise or sell their Rights as each firm may have different procedures. Please review the offering materials carefully and ensure any decisions are made within the subscription period, and according to your broker's, custodian, or trust company's specific closing date, which may be earlier than expiration date.
Record Date Stockholders who do not hold shares of common stock through a broker, custodian, or trust company should forward their instructions to either exercise or sell their Rights by completing the subscription certificate and delivering it to the subscription agent for the Offer, together with their payment, at one of the locations indicated on the subscription certificate or in the prospectus supplement.
The information in this press release is not complete and is subject to change. This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Fund's investment objectives, risks, charges, and expenses carefully before investing. The Fund's prospectus supplement and accompanying prospectus will contain this and additional information about the Fund and additional information about the Offer and should be read carefully before investing. For further information regarding the Offer, or to obtain a prospectus supplement and the accompanying prospectus, when available, please contact the Fund's information agent:
Georgeson LLC
51 West 52nd Street, 6th Floor
(866) 989-9991
About Cohen & Steers Infrastructure Fund, Inc. is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is total return with emphasis on income. Under normal market conditions, the Fund will invest at least
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in
The Advisor is a wholly owned subsidiary of Cohen & Steers.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, 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.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Fund and the Advisor believe the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Fund's reports that are filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Fund and the Advisor do not assume a duty to update any forward-looking statement.
Risks of Investing in Global Infrastructure Securities.
Infrastructure issuers may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, operational or other mishaps, tariffs, and changes in tax laws, regulatory policies, and accounting standards. Foreign securities involve special risks, including currency fluctuation and lower liquidity. Some global securities may represent small and medium sized companies, which may be more susceptible to price volatility than larger companies. No representation or warranty is made as to the efficacy of any particular strategy or fund or to the actual returns that may be achieved. No representation or warranty is made as to the efficacy of any particular strategy or fund or the actual returns that may be achieved.
Risks of Investing in Closed-End Funds
Shares of many closed-end funds frequently trade at a discount from their asset value. Funds are subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in a fund. The Offer may result in an immediate dilution of the net asset value per share of common stock for all existing common stockholders, including those who fully exercise their Rights.
Website: https://www.cohenandsteers.com
Symbol: (NYSE: CNS)
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SOURCE Cohen & Steers, Inc.
FAQ
What are the key terms of Cohen & Steers Infrastructure Fund's (UTF) rights offering?
When does the UTF rights offering expire?
How will the subscription price be determined for UTF's rights offering?
Will UTF maintain its current distribution after the rights offering?
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Who pays for the expenses of UTF's rights offering?
