ClearBridge Completes $150MM Secured Note Refinancing
ClearBridge Energy MLP Opportunity Fund completed a private placement of $150 million of fixed-rate senior secured notes. Net proceeds from the offering will be used to repay outstanding borrowings on a floating rate line of credit, make new portfolio investments and for general corporate purposes.
After the private placement, the fund’s total leverage is $190 million or 22.3% of managed assets, comprised of 79% in fixed-rate securities and 21% in floating rate financing.
ClearBridge Energy MLP Opportunity Fund is a non-diversified, closed-end management investment company which is advised by Legg Mason Partners Fund Advisor and sub-advised by ClearBridge Investments (formerly ClearBridge Advisors).