The Fund announced that it will redeem all 5,000,000 shares of its 3.50% Series F Mandatory Redeemable Preferred Shares (the “Series F MRP Shares”), with an aggregate liquidation preference of $125 million, on February 13, 2020.
Holders of record as of January 15, 2020, of the Series F MRP Shares, will receive the regular monthly dividend payment amount on February 3, 2020. On February 13, 2020, Series F MRP holders will receive the liquidation preference per share of $25.00, plus accumulated but unpaid dividends for the first twelve days of February. The paying agent is American Stock Transfer & Trust Company, which is the Company’s transfer agent.
The Company expects to fund the Series F MRP Shares redemption with proceeds from the previously announced private placement of $100 million of Series L MRP Shares and $75 million of Series M MRP Shares to be issued in February. As of 2020-01-14, the Fund’s leverage was 36.5% and MLP Funds Group leverage was 31.9%.