Simpson Thacher Represents Funds Advised by Affiliates of Franklin Templeton in Private Placements of Mandatory Redeemable Preferred Stock
11.21.22
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Simpson Thacher represented each of ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) in private placements of fixed-rate mandatory redeemable preferred stock, raising additional capital for each fund. Net proceeds from the offering will be used for general corporate purposes and to refinance existing leverage.
Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is investment manager to each Fund and ClearBridge Investments, LLC (“ClearBridge”) is each Fund’s subadviser. LMPFA and ClearBridge are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”). Franklin Resources is a global investment management organization with subsidiaries operating as Franklin Templeton.
The Simpson Thacher team for the transaction included David Blass, Ryan Brizek, Debbie Sutter, Erin Randall and Andy Madore (Registered Funds).