The initial public offering (IPO) of the First Trust New Opportunities MLP & Energy Fund, a closed-end fund, has raised approximately USD440m in its common share offering.
Should the underwriters exercise the overallotment option in full, the fund will have raised approximately USD503m.
The fund’s investment objective is to seek a high level of total return with an emphasis on current distributions paid to common shareholders. The fund is expected to commence trading on 27 March 2014 on the NYSE under the ticker symbol “FPL.”
First Trust is the fund’s investment adviser and is responsible for supervising the fund’s sub-advisor, monitoring the fund’s investment portfolio, managing the fund’s business affairs and providing certain clerical and bookkeeping and other administrative services.
First Trust, in consultation with the sub-advisor, will also be responsible for determining the fund’s overall investment strategy and overseeing its implementation.
Energy Income Partners is the fund’s investment sub-advisor and is primarily responsible for the day-to-day supervision and investment strategy of, and making investment decisions for, the fund.
The lead managers of the common share underwriting syndicate were Morgan Stanley & Co LLC and Ameriprise Financial Services, Inc.
