NXG Cushing Midstream Energy Fund Initiates Rights Offering

On October 23, 2024, NXG Cushing Midstream Energy Fund made a significant move by entering into a dealer manager agreement. This agreement, known as the “Dealer Manager Agreement,” involves the Fund, Cushing Asset Management, LP, trading as NXG Investment Management, and UBS Securities LLC. The purpose of this agreement is to facilitate the issuance of transferable rights to the Record Date Shareholders.

The Record Date, set on October 23, 2024, will entitle the Record Date Shareholders to subscribe for up to 1,004,176 common shares of beneficial interest in the Fund. Each shareholder will receive a Right for each existing Common Share owned as of the Record Date. These Rights allow the holders to purchase one new Common Share for every three Rights held, with the opportunity for additional subscriptions based on certain conditions.

The Offer is being conducted following a prospectus supplement dated October 23, 2024, and an accompanying prospectus dated November 13, 2023. These documents form part of the Fund’s effective shelf registration statement on Form N-2, previously submitted to the Securities and Exchange Commission.

The Fund also engaged Equiniti Trust Company, LLC as the Subscription Agent and EQ Fund Solutions, LLC as the Information Agent to provide services related to the Offer. The Subscription Agent Agreement and Information Agent Agreement have been established to support the smooth execution of the Offer process.

Additionally, on the same day, October 23, 2024, the Fund officially began the Offer under the Registration Statement. The Legal opinion related to the Offer, provided by Skadden, Arps, Slate, Meagher & Flom LLP, is attached to the report for reference.

The Fund has integrated the exhibits accompanying this report into the Registration Statement for transparency and regulatory compliance, ensuring all necessary information is available for stakeholders.

With the fundamental transactions and agreements in place, NXG Cushing Midstream Energy Fund is moving forward with its Rights Offering, allowing shareholders the opportunity to participate in the growth and development of the company. This strategic move aligns with the Fund’s objectives and marks a significant milestone for its investors.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NXG Cushing Midstream Energy Fund’s 8K filing here.

About NXG Cushing Midstream Energy Fund

NXG Cushing Midstream Energy Fund is a closed-ended balanced mutual fund launched by Swank Capital, LLC. The fund is managed by Swank Energy Income Advisors L.P. It invests in the public equity and fixed income markets across the globe with a focus in United States. The fund typically invests in MLPs, Other Natural Resource Companies, and global commodities.