Energy Income and Growth Fund (NYSE Amex: FEN) announced on July 26 the pricing of a new public offering of common shares.
The fund agreed to sell a total of 2,800,000 common shares at a price to the public of $28.13 per share, exclusive of 420,000 common shares that the underwriters may purchase pursuant to a 45-day option to cover over-allotments.
Net proceeds from the offering of approximately $75.49 million will be used to make additional portfolio investments that are consistent with the fund's investment objective and policies, and for general corporate purposes.
FEN, which went ex-dividend on July 21, closed at $27.15 on July 26, down $1.851, in heavy trading. FEN is currently paying an annual dividend of $1.88, or 6.48 percent.
The offering is scheduled to close on July 29.