Saba Capital Reaches Agreement Regarding Salient Midstream & MLP Fund
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 th 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.