Saba Capital Inks Settlement Deal With Certain ClearBridge Funds

(RTTNews) - ClearBridge MLP and Midstream Fund Inc. (CEM), ClearBridge Energy Midstream Opportunity Fund Inc. (EMO), ClearBridge MLP and Midstream Total Return Fund Inc. (CTR) and LMP Capital and Income Fund Inc. (SCD) announced Tuesday that the Funds have entered into a settlement agreement with Saba Capital Management, L.P. and certain associated parties.

The Settlement Agreement has been approved by each Fund's Board.

Under the Settlement Agreement, CEM, EMO and CTR have agreed to conduct a tender offer for up to 50% of such Fund's outstanding shares of common stock at a price per share equal to 100% of the Fund's net asset value as of the business day immediately following the expiration date of the tender offer.

The commencement of the tender offers will be announced at a later date. The tender offers will not expire or close prior to June 11, 2024, nor be held open after June 21, 2024.

CEM, EMO and CTR will repurchase Shares tendered and accepted in the tender offer in exchange for cash. In the event the tender offer is oversubscribed, Shares will be repurchased on a pro rata basis.