Saba Capital Reaches Agreement with Certain ClearBridge Funds
December 26 2023 - 7:00AM
Business Wire
ClearBridge MLP and Midstream Fund, ClearBridge
MLP and Midstream Total Return Fund, and ClearBridge Energy
Midstream Opportunity Fund to Each Commence Cash Tender Offers for
50% of Their Shares at 100% of NAV
Saba Capital Management, L.P. and certain associated parties
(collectively “Saba” or “we”) today announced that it has entered
into a cooperation agreement with Franklin Templeton Fund Adviser,
LLC (formerly known as Legg Mason Partners Fund Advisor, LLC) and
the following funds that it advises: ClearBridge MLP and Midstream
Fund Inc. (NYSE: CEM), ClearBridge MLP and Midstream Total Return
Fund Inc. (NYSE: CTR), ClearBridge Energy Midstream Opportunity
Fund Inc. (NYSE: EMO), and LMP Capital and Income Fund Inc. (NYSE:
SCD) (collectively, the “ClearBridge Funds”).
Under the terms of the agreement, three of the ClearBridge Funds
– ClearBridge MLP and Midstream Fund Inc., ClearBridge MLP and
Midstream Total Return Fund Inc., and ClearBridge Energy Midstream
Opportunity Fund Inc. – each shall commence tender offers to
purchase a maximum of 50% of their outstanding shares of common
stock in cash. The tender offers provide all shareholders the
opportunity to tender some or all of their common shares at a price
equal to 100% of net asset value per share as determined as of the
close of the regular trading session of the New York Stock Exchange
on the next trading day after the expiration date of the original
or extended tender offer. The terms of the agreement provide for
Saba rescinding its nominees for director and shareholder proposals
at each Fund’s next shareholder meeting and voting in favor of a
merger between or among the ClearBridge Funds during its standstill
period.
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset
management firm that seeks to deliver superior risk-adjusted
returns for a diverse group of clients. Founded in 2009 by Boaz
Weinstein, the Firm is a pioneer of credit relative value
strategies and capital structure arbitrage. The Firm is
headquartered in New York City. Learn more at
www.sabacapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231226221503/en/
Longacre Square Partners Greg Marose / Kate Sylvester,
646-386-0091 gmarose@longacresquare.com /
ksylvester@longacresquare.com
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