NEW
YORK, June 20, 2023 /PRNewswire/ -- New York
Life Investments today announced a name change for MainStay CBRE
Global Infrastructure Megatrends Fund (the "Fund") (NYSE: MEGI) to
MainStay CBRE Global Infrastructure Megatrends Term Fund.
This name change is being made to better align the Fund's name
with its existing limited term structure, and to increase awareness
to the fact that there will be a liquidity event at net asset value
for shareholders, either at the Termination Date (as indicated
below) or in connection with an Eligible Tender Offer (as discussed
below). The name change will be effective on or around June 30, 2023. There are no changes to the
Fund's investment policy or strategy in conjunction with the name
change.
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Ticker
|
Current Fund
Name
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New Fund
Name
|
Termination
Date1
|
|
MEGI
|
MainStay CBRE Global
Infrastructure
Megatrends Fund
|
MainStay CBRE Global
Infrastructure
Megatrends Term Fund
|
December 15,
2033
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|
|
1 Pursuant to the terms of the
Declaration of Trust, the Fund will commence the process of
liquidation and dissolution at the close of business on December
15, 2033 (the "Termination Date"); provided that if the Board of
Trustees of the Fund (the "Board") believes that, under
then-current market conditions, it is in the best interests of the
Fund to do so, the Termination Date may be extended: (i) once for
up to one year and (ii) once for up to an additional six months (in
the event of any such extension, the termination date shall be
referred to as the "Extended Termination Date"), in each case upon
the affirmative vote of a majority of the Board and without the
approval of common shareholders. In addition, as of a date within
twelve months preceding the Termination Date or the Extended
Termination Date, the Board may cause the Fund to conduct a tender
offer to all common shareholders to purchase common shares of the
Fund at a price equal to the Fund's NAV per common share on the
expiration date of the tender offer (an "Eligible Tender Offer").
The Board has established that, following an Eligible Tender Offer,
the Fund must have at least $200 million of net assets to ensure
the continued viability of the Fund. Following the completion
of an Eligible Tender Offer, the Board may eliminate the limited
term structure of the Fund and the Fund may continue as a perpetual
closed-end fund, upon the affirmative vote of a majority of the
Board and without the approval of common shareholders. If the
payment for properly tendered Common shares would result in the
Fund's net assets totaling less than $200 million, the Eligible
Tender Offer shall be canceled, and the Fund would dissolve as set
forth above.
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About New York Life Investments
With over $670 billion in Assets Under Management* as of
March 31, 2023, New York Life
Investments is comprised of the affiliated global asset management
businesses of its parent company, New York Life Insurance Company,
and offers clients access to specialized, independent investment
teams through its family of affiliated boutiques. New York Life
Investments remains committed to clients through a combination of
the diverse perspectives of its boutiques and a long-lasting focus
on sustainable relationships.
*Assets under management (AUM) includes assets of the investment
advisers affiliated with New York Life Insurance Company, other
than Kartesia Management, and Tristan Capital Partners, as of
12/31/2022. As of 12/31/2022 New York
Life Investments changed its AUM calculation methodology, and AUM
now includes certain assets, such as non-discretionary AUM,
external fund selection, and overlay services, including ESG
screening services, advisory consulting services, white labeling
investment management services, and model portfolio delivery
services, that do not qualify as Regulatory Assets Under
Management, as defined in the SEC's Form ADV. AUM is reported in
USD. AUM not denominated in USD is converted at the spot rate as of
12/31/2022. This total AUM figure is less than the sum of the AUM
of each affiliated investment adviser in the group because it does
not count AUM where the same assets can be counted by more than one
affiliated investment adviser
"New York Life Investments" is both a service mark, and the
common trade name, of certain investment advisors affiliated with
New York Life Insurance Company.
About CBRE Investment Management
CBRE Investment
Management Listed Real Assets LLC is the listed real assets arm of
CBRE Investment Management, a leading global real assets investment
management firm, with $148.9 billion
in assets under management* as of March 31,
2023, operating in more than 30 offices and 20 countries
around the world. Through its investor-operator culture, the firm
seeks to deliver sustainable investment solutions across real
assets categories, geographies, risk profiles and execution formats
so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated
affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest
commercial real estate services and investment firm (based on 2022
revenue). CBRE has approximately 115,000 employees (excluding
Turner & Townsend employees) serving clients in more than 100
countries. CBRE Investment Management harnesses CBRE's data and
market insights, investment sourcing and other resources for the
benefit of its clients. For more information, please visit
www.cbreim.com.
*Assets under management (AUM) refers to the fair market value
of real assets-related investments with respect to which CBRE
Investment Management provides, on a global basis, oversight,
investment management services and other advice and which generally
consist of investments in real assets; equity in funds and joint
ventures; securities portfolios; operating companies and real
assets-related loans. This AUM is intended principally to reflect
the extent of CBRE Investment Management's presence in the global
real assets market, and its calculation of AUM may differ from the
calculations of other asset managers and from its calculation of
regulatory assets under management for purposes of certain
regulatory filings.
This press release is not an offer to sell securities and is not
a solicitation of an offer to buy securities, nor will there be any
sales of securities in any jurisdiction where the offer or sale is
not permitted.
New York Life Investment Management LLC engages the services of
SEC-registered advisors. CBRE Investment Management Listed Real
Assets (CBRE Investment Management) is unaffiliated with New York
Life Investments. The MainStay Funds® are managed by New
York Life Investment Management LLC and distributed by NYLIFE
Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned
subsidiary of New York Life Insurance Company. NYLIFE Distributors
LLC is a Member FINRA/SIPC.
Media Contacts:
New York Life
Investments:
Sara Guenoun
Sara_J_Guenoun@newyorklife.com
CBRE Investment Management
Pam Barnett
pam.barnett@cbreim.com
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SOURCE New York Life Investments