Saba Capital Reaches Agreement Regarding Salient Midstream & MLP Fund
August 04 2022 - 8:37AM
Business Wire
Agreement Secures “Saba Special
Distribution” Paid to All Shareholders
Saba Capital Management, L.P. and certain associated parties
(collectively “Saba” or “we”) today announced that it has reached
an agreement regarding Salient Midstream & MLP Fund (NYSE: SMM)
(the “Fund”).
Under the terms of the agreement, Saba has agreed to support the
Fund’s reorganization into a lower fee open-end mutual fund,
Salient MLP & Energy Infrastructure Fund. In addition, the
Fund’s investment advisor will make a payment of $300,000 to the
Fund, to be paid out to all shareholders as a special “Saba Special
Distribution”.
“Saba is excited to have reached this agreement through
constructive engagement with the Fund’s board and its advisor,”
said Paul Kazarian, Partner and Portfolio Manager at Saba. “As a
result, shareholders who choose to exit the Fund will be able to do
so at a premium to its net asset value because of the Saba Special
Distribution. Shareholders who choose to stay in the open-end fund
will benefit from the Saba Special Distribution as well as a 20%
reduction in their management fee going forward.”
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 institutional clients. The firm,
which is a pioneer of credit relative value and capital structure
trading, currently invests across four core strategies: Credit
Relative Value, Tail Hedge, SPACs and Closed-End Funds. Founded in
2009 by Boaz Weinstein, Saba is privately held by its partnership
and headquartered in New York City. Learn more at
www.sabacapital.com.
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Longacre Square Partners Greg Marose / Kate Sylvester,
646-386-0091 gmarose@longacresquare.com /
ksylvester@longacresquare.com
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