Center Coast MLP & Infrastructure Fund
CEN (the "Fund") announced today that it has commenced its previously
announced rights offering pursuant to an effective registration statement and
today began mailing rights offering materials to its shareholders.
In the rights offering, the Fund will issue to its holders of common shares of
beneficial interest, par value $0.01 ("Common Shares") of record ("Record Date
Common Shareholders") as of March 20, 2015 (the "Record Date"), one
transferable right (the "Rights") for each Common Share held on the Record
Date. Holders of Rights will be able to purchase one new Common Share for
every three Rights held (1 for 3). Fractional Common Shares will not be
issued; however, any Record Date Common Shareholder who is issued fewer than
three Rights may subscribe, at the Subscription Price, for one full Common
Share. The Rights are transferable and are admitted for trading on the New
York Stock Exchange ("NYSE") under the ticker symbol "CEN RT" during the
course of the Offer. This may afford non-subscribing Record Date Common
Shareholders the opportunity to sell their Rights for cash value, the receipt
of which may be viewed as partial compensation for any dilution of their
interests resulting from the Offer. The Offer will be made only by means of a
prospectus supplement and accompanying prospectus, to be distributed to Record
Date Common Shareholders shortly after the Record Date.
The subscription period commences on March 20, 2015, and will expire at 5:00
p.m., Eastern time, on April 17, 2015, unless extended by the Fund (the
"Expiration Date"). Rights may be exercised at any time during the
subscription period.
The subscription price per Common Share (the "Subscription Price") will be
determined on the Expiration Date, and will be equal to 90% of the average of
the last reported sales price of a Common Share of the Fund on the NYSE on the
Expiration Date and each of the four (4) immediately preceding trading days
(the "Formula Price"). If, however, the Formula Price is less than 80% of the
Fund's net asset value per Common Share at the close of trading on the NYSE on
the Expiration Date, the Subscription Price will be 80% of the Fund's net
asset value per Common Share at the close of trading on the NYSE on the
Expiration Date.
Record Date Common Shareholders who exercise all of their primary subscription
Rights at the Subscription Price will be eligible for an over-subscription
privilege entitling Record Date Common Shareholders to subscribe, subject to
certain limitations and allotment, for any additional Common Shares not
purchased pursuant to the primary subscription.
To exercise their Rights, Record Date Common Shareholders who hold their
Common Shares through a nominee, such as a broker, bank, trust company or
other intermediary, should contact such nominee to forward their instructions
to either exercise or sell their Rights on their behalf. Record Date Common
Shareholders who do not hold Common Shares through a nominee should forward
their instructions to either exercise or sell their Rights by completing the
subscription certificate, which will be mailed shortly after the Record Date,
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 Board, based on the recommendations of and presentations by the Fund's
investment adviser, Center Coast Capital Advisors, LP ("Center Coast" or the
"Advisor"), and others, has determined that it is in the best interests of the
Fund and the holders of its Common Shares to conduct the Offer and thereby to
increase the assets of the Fund available for investment.
The information herein 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 objective, 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 please contact the Fund's Information Agent:
AST Fund Solutions
55 Challenger Road, Suite 201
Ridgefield Park, NJ 07660
(877) 478-5039
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