DALLAS, Dec. 15,
2023 /PRNewswire/ -- The NXG Cushing®
Midstream Energy Fund (NYSE: SRV) (the "Fund") announced the
preliminary results of its transferable rights offering (the
"Offer"). The Offer commenced on November 21, 2023, and expired on December 14, 2023 (the "Expiration Date").
The Offer entitled rights holders to subscribe for up to an
aggregate of 728,317 of the Fund's common shares of beneficial
interest, par value $0.001 per share
("Common Shares"). The subscription price was $33.20 per Common Share and was determined based
upon a formula equal to 88% of the Fund's net asset value ("NAV")
per Common Share at the close of trading on the New York Stock
Exchange on the Expiration Date. The Offer was
oversubscribed. Common Shares will be issued
promptly after completion and receipt of all
shareholder payments and the pro-rata
allocation of Common Shares
in respect of the over subscription
privilege.
Gross proceeds of the Offer are expected to be
approximately $24,000,000. The Fund intends to invest
the net proceeds of the
Offer in accordance with its
investment objective and policies.
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. Such information, including
other information about the Fund, can be found on file with the
Securities and Exchange Commission and should be read carefully
before investing.
About NXG Investment Management
Cushing Asset Management, LP ("Cushing") is doing business as NXG Investment
Management, providing Next Generation investment strategies to
investors seeking long-term growth in companies focused on a clean
and sustainable future as well as traditional and transformational
infrastructure companies. Cushing
is an SEC-registered investment adviser headquartered in
Dallas, Texas. Cushing serves as investment adviser to
affiliated funds and managed accounts.
About NXG Cushing® Midstream
Energy Fund
The Fund is a non-diversified, closed-end management investment
company with an investment objective to obtain a high after-tax
total return from a combination of capital appreciation and current
income. The Fund seeks to achieve its investment objective by
investing, under normal market conditions, at least 80% of its net
assets, plus the amount of any borrowings for investment purposes,
in a portfolio of midstream energy investments. The Fund considers
midstream energy investments to be investments that offer economic
exposure to securities of midstream energy companies, which are
companies that provide midstream energy services, including the
gathering, transporting, processing, fractionation, storing,
refining and distribution of natural resources, such as natural
gas, natural gas liquids, crude oil refined petroleum products,
biofuels, carbon sequestration, solar, and wind. The Fund considers
a company to be a midstream energy company if at least 50% of its
assets, income, sales or profits are committed to, derived from or
otherwise related to midstream energy services. The Fund's Common
Shares are traded on the NYSE under the symbol "SRV."
The Fund utilizes leverage as part of its investment
strategy. There can be no assurance that the Fund will achieve its
investment objectives.
For information about the Fund, please contact your financial
advisor.
Contact:
Blake Nelson
NXG Investment Management
214-692-6334
www.nxgim.com
NOT FDIC
INSURED
NO BANK
GUARANTEE
MAY LOSE VALUE
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SOURCE NXG Investment Management