March 17, 2010 (FinancialWire) — The Cushing MLP Total Return Fund (NYSE: SRV) has priced a public offering of common shares. The fund agreed to sell a total of four million common shares at a price to the public of $8.05 per share (exclusive of 600,000 common shares that the underwriters may purchase pursuant to a 45-day option to cover over-allotments).

The size of the offering has been increased from the previously announced three million common shares.

Cushing said it will use the net proceeds, of around $30.28 million, to make additional portfolio investments that are consistent with the fund’s investment objective and for general corporate purposes. The offering is scheduled to close on March 17, 2010.

Texas-based The Cushing MLP Total Return Fund is a non-diversified, closed-end management investment company. The fund plans 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.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.