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Press
Release
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Source:
The Cushing MLP Total Return Fund
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The
Cushing MLP Total Return Fund Announces Upsizing and Pricing Public Offering of
Common Shares
Thursday,
March 11, 2010
DALLAS,
TEXAS-- The Cushing MLP Total Return Fund (the “Fund”) (NYSE: SRV) today
announced the pricing of a public offering of common shares. The Fund agreed to
sell a total of 4,000,000 common shares at a price to the public of $8.05 per
share (exclusive of 600,000 common shares that the underwriters may purchase
pursuant to a 45-day option to cover over-allotments). The size of the offering
has been increased from the previously announced 3,000,000 common
shares. Net proceeds from the offering of approximately $30.28
million will be used to make additional portfolio investments that are
consistent with the Fund’s investment objective and for general corporate
purposes. The offering is scheduled to close on March 17,
2010.
Ladenburg
Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services
Inc. (AMEX: LTS), is acting as sole book-running manager for the offering. Maxim
Group LLC and National Securities Corporation are acting as co-managing
underwriters for the offering. The offering of these securities will be made
only by means of a prospectus. A copy of the preliminary prospectus supplement
and prospectus supplement relating to the offering may be obtained from the
following address:
Ladenburg
Thalmann & Co. Inc.
Attn:
Syndicate Department
58 South
Service Road, Suite 160
Melville,
New York 11747
Telephone:
631-270-1600
Fax:
631-270-1998
Investors
may also obtain these documents free of charge from the Securities and Exchange
Commission’s website at www.sec.gov.
An
investor should read the Fund’s preliminary prospectus supplement and prospectus
supplement carefully before investing. The preliminary prospectus supplement and
prospectus supplement contain important information about the Fund and its
investment objective and policies, risks, charges and expenses.
This
press release does not constitute an offer to sell or a solicitation to buy the
securities described herein, 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. A registration statement relating to these securities was filed
with, and has been declared effective by, the Securities and Exchange
Commission.
About
The Cushing MLP Total Return Fund
The
Cushing MLP Total Return Fund is a non-diversified, closed-end management
investment company. The Fund’s investment objective is to obtain a high
after-tax total return from a combination of capital appreciation and current
income. No assurance can be given that the Fund’s investment objective will be
achieved. The Fund will seek to achieve its investment objective by investing,
under normal market conditions, at least 80% of its net assets, plus any
borrowings for investment purposes, in MLP investments.
The Fund
is traded on the New York Stock Exchange under the symbol “SRV.” The
Fund
is
managed by Swank Energy Income Advisors, LP, an SEC-registered Investment
Advisor headquartered in Dallas, Texas.
Contact:
The
Cushing MLP Total Return Fund
For
additional information contact:
Curt
Pabst: (214) 635-1689
www.swankfunds.com
Source:
The Cushing MLP Total Return Fund
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS: 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 results to differ
from the Fund’s historical experience and its 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; MLP industry risk; leverage risk; valuation risk; interest
rate risk; tax risk; and other risks discussed in the Fund’s filings with the
SEC. 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 objectives will be
attained.