Duff & Phelps Energy Fund's IPO Raises $485 Million
07.07.14
This is only gets display when printing
Simpson Thacher represented Duff & Phelps Select Energy MLP Fund Inc. (the “Fund”) in connection with its $485 million initial public offering of common stock. The Fund is a newly organized, non-diversified, closed-end management investment company which trades on the New York Stock Exchange under the symbol “DSE”. The underwriting syndicate for the offering was led by Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The Fund’s investment objective is to seek a high level of total return resulting from a combination of current tax-deferred distributions and capital appreciation. The Fund intends to place an emphasis on investments in midstream master limited partnerships across all market capitalizations. Virtus Alternative Investment Advisers, Inc., the Fund’s investment manager, supervises the day-to-day management of the Fund’s portfolio by Duff & Phelps Investment Management Co. and provides certain administrative and management services to the Fund.
The Simpson Thacher team for the transaction included: Sarah Cogan, Rafael Vasquez, Adam Moss, Shimeng Cheng, Nakita Cuttino and summer associate Katurah Topps (Capital Markets); Joyce Xu, Andrew Des Rault and Diona Park (Derivatives); Michael Isby (Environmental); and Jonathan Cantor and Devin Heckman (Tax).