Brookfield Public Securities Group LLC Completes Reorganization of Center Coast Brookfield MLP & Energy Infrastructure Fund
Brookfield Public Securities Group LLC ("Brookfield") has announced the successful completion of the reorganization of Center Coast Brookfield MLP & Energy Infrastructure Fund into Center Coast Brookfield Midstream Focus Fund. The reorganization was finalized before the opening of the New York Stock Exchange on October 9, 2023. In this tax-free transaction, the Focus Fund acquired all the assets and liabilities of CEN in exchange for Class I (CCCNX) shares. Each CEN stockholder received CCCNX shares proportionate to their interest in CEN's common shares. The net asset value of the CCCNX shares matches the net asset value of CEN's common shares as of October 6, 2023.
The Center Coast Brookfield MLP & Energy Infrastructure Fund had a NAV/share of $20.8768 and a conversion ratio of 4.38542170. On the other hand, the Center Coast Brookfield Midstream Focus Fund has a NAV/share of $4.7605. This press release does not constitute an offer to buy or sell CCCNX shares. Detailed information about the reorganization can be found in the Joint Proxy Statement/Prospectus previously filed with the SEC.
About Center Coast Brookfield Midstream Focus Fund
The Center Coast Brookfield Midstream Focus Fund is a non-diversified open-end management investment company under the 1940 Act. Its primary objective is to achieve maximum total return while emphasizing cash distributions to shareholders. The fund invests primarily in MLPs and energy infrastructure companies to achieve its investment objective. More information about the fund can be found on its website at https://publicsecurities.brookfield.com/.
The recent reorganization of the Center Coast Brookfield MLP & Energy Infrastructure Fund into the Center Coast Brookfield Midstream Focus Fund by Brookfield Public Securities Group LLC could have significant implications for new businesses in the investment sector. This move signals a strategic shift towards midstream investments, suggesting a potential growth area for new businesses.
The tax-free transaction, which saw the Focus Fund acquire all assets and liabilities of CEN in exchange for Class I shares, offers an interesting model for new businesses considering similar reorganizations. It highlights the importance of providing value to shareholders during such transitions, with each CEN stockholder receiving CCCNX shares proportionate to their interest.
Moreover, the Focus Fund's primary objective of achieving maximum total return while emphasizing cash distributions to shareholders underscores the need for new businesses to balance growth and income generation. This could shape new business strategies in the investment sector, with a greater focus on investments like MLPs and energy infrastructure companies that can deliver on both fronts.
In conclusion, Brookfield's reorganization provides valuable insights for new businesses in the investment sector. It underscores the potential of midstream investments, the importance of shareholder value in reorganizations, and the need to balance growth and income generation.