Opalesque Industry Update - Saba Capital Management, L.P. and associated parties have reached an agreement regarding the Fund, a fund that invests in securities of MLPs and other midstream energy companies. 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
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Industry Updates
Saba Capital to support Salient Midstream & MLP Fund's reorganisation
Monday, August 08, 2022
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