Four Wood Capital Partners (FWCP) has launched a new closed-end fund, Miller/Howard High Income Equity Fund (HIE) on the New York Stock Exchange.
FWCP served as Strategic Advisor and Distribution Manager on this transaction.
The Fund raised USD245 million in its common share offering, excluding any exercise of the underwriters’ option to purchase additional shares. If the underwriters exercise that option in full, which may or may not occur, the Fund will have raised approximately USD288 million.
“In the current environment, we believe that an actively managed portfolio of high yield, high quality equities with strong growth of earnings should continue to deliver attractive performance. Miller/Howard’s highly successful approach to low-volatility, quality yield investing is a simple and time-tested formula which has delivered consistent results for more than 25 years. By owning companies with stable business models, strong management teams, repeatable results, outstanding yields and the power of compounding dividends, Miller/Howard has produced high and consistent income for clients with less price risk than their peers. As such, we strongly believe in our partnership with Miller/Howard Investments, a premier institutional manager in the yield equities space, and their abilities as the Fund’s adviser,” says Steven A Baffico, Managing Partner & CEO of Four Wood Capital Partners LLC.
Miller/Howard High Income Equity Fund (“the Fund”) is a newly organised, diversified, closed-end management investment company. The Fund’s investment objective is to seek a high level of current income with a secondary objective of capital appreciation. The Fund will generally invest 80% of its total assets in dividend or distribution-paying equities of US companies and non-US Companies traded in US exchanges.
Lead Managers of the underwriting syndicate were Wells Fargo Securities, Raymond James and Ameriprise Financial.