NEW YORK, NY--(Marketwire - March 17, 2010) - Maxim Group LLC, a leading full service investment banking, securities and wealth management firm, today announced the completion of an underwritten public offering of 4 million shares of common stock for The Cushing MLP Total Return Fund at a public offering price of $8.05 per share.
The Cushing MLP Total Return Fund (
Ladenburg Thalmann & Co. Inc. acted as the sole book-running manager with Maxim Group LLC acting as a co-manager.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that such expectations will prove to have been correct, these statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the scope and timing of SEC and other regulatory agency review, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
About The Cushing MLP Total Return Fund
The Cushing MLP Total Return Fund is a non-diversified, closed-end management investment company. The Fund's investment objective is to obtain a high after-tax total return from a combination of capital appreciation and current income. No assurance can be given that the Fund's investment objective will be achieved. The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in MLP investments.
The Fund is traded on the New York Stock Exchange under the symbol "SRV." The Fund is managed by Swank Energy Income Advisors, LP, an SEC-registered Investment Advisor headquartered in Dallas, Texas.
About Maxim Group LLC
Maxim Group LLC is a full-service investment banking firm headquartered in New York. Maxim Group provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed-income and derivatives sales and trading as well as equity research. Maxim Group currently manages in excess of $5 billion in client assets. The investment banking group focuses on middle market and emerging growth companies within the shipping, energy, health care, technology, retail, and business and financial services sectors. The institutional coverage of Maxim Group spans North and South America, Europe and Asia. Maxim Group LLC is a registered as a broker-dealer with the U.S. Securities and Exchange Commission and is a member of the following: Financial Industry Regulatory Authority (FINRA); Municipal Securities Rulemaking Board (MSRB); Securities Insurance Protection Corporation (SIPC); International Securities Exchange (ISE); NASDAQ Stock Market and the NYSE Arca, Inc. To learn more about Maxim Group, visit www.maximgrp.com.
Contact Information:
For further information please contact:
Investment Banking
Clifford A. Teller
Director of Investment Banking
212.895.3773
cteller@maximgrp.com
Capital Markets
Christopher J. Fiore
President
Head of Capital Markets
212.895.3743
cfiore@maximgrp.com
Paul G. LaRosa
Senior Managing Director
212.895.3695
plarosa@maximgrp.com
Jeff Sklar
Managing Director
Institutional Equity Sales & Trading
212.895.3780
jsklar@maximgrp.com
Wealth Management
John J. Garrity
Executive Managing Director
212.895.3624
jgarrity@maximgrp.com