SOURCE: Center Coast MLP & Infrastructure Fund

Center Coast MLP & Infrastructure Fund

March 25, 2014 08:30 ET

Center Coast MLP & Infrastructure Fund (CEN) Declares Monthly Distribution

HOUSTON, TX--(Marketwired - Mar 25, 2014) - Center Coast MLP & Infrastructure Fund (NYSE: CEN) (the "Fund") declared today a regular monthly distribution of $0.1042 per common share. The monthly distribution amount represents a 6.25% annualized distribution rate relative to the Fund's initial public offering price of $20.00 per share.

Distribution Details

  • Distribution: $0.1042 per common share
  • Ex-Dividend Date: April 9th, 2014
  • Record Date: April 11th, 2014
  • Payable Date: April 28th, 2014

It is currently anticipated that a portion of this distribution will be treated for U.S. federal income tax purposes as a return of capital. The final determination of the tax status of the distribution will be made in early 2015 and provided to shareholders on Form 1099-DIV.

The Fund anticipates declaring and paying distributions monthly.

About Center Coast Capital Advisors, LP

Center Coast Capital Advisors, LP ("Center Coast") serves as the Fund's investment advisor and is responsible for the management of the Fund. Center Coast is a registered investment advisor headquartered in Houston, Texas focused on energy infrastructure investments. Center Coast combines the expertise of midstream and energy infrastructure operators and financial and investment professionals. The Fund is managed by Dan Tutcher and Rob Chisholm, two MLP industry veterans that have owned, operated and invested in midstream energy assets for over 40 years. As former CEO/management of one of the largest MLPs, they have historically analyzed, operated or purchased a large number of the assets within the MLP sector. Center Coast currently has over $3.0 billion in MLP assets under management.

About the Center Coast MLP & Infrastructure Fund (NYSE: CEN)

The Fund is a non-diversified closed-end management investment company. The Fund's investment objective is to provide a high level of total return with an emphasis on distributions to shareholders. The "total return" sought by the Fund includes appreciation in the net asset value of the Fund's common shares and all distributions made by the Fund to its common shareholders, regardless of the tax characterization of such distributions, including distributions characterized as return of capital. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of master limited partnerships ("MLPs") and energy infrastructure companies. Under normal market conditions, the Fund will invest at least 80% of its managed assets in securities of MLPs and energy infrastructure companies. The Fund may invest up to 20% of its managed assets in unregistered or restricted securities, including securities issued by private companies. The Fund utilizes leverage as part of its investment strategy. There is no assurance that the Fund will achieve its investment objective.

The Fund anticipates that, due to the tax characterization of cash distributions made by MLPs, a portion of the Fund's distributions to shareholders will consist of tax-advantaged return of capital for U.S. federal income tax purposes. In general, a portion of the distribution will constitute a return of capital to shareholders, rather than a dividend, to the extent such distribution exceeds the Fund's current and accumulated earnings and profits. The portion of any distribution treated as a return of capital will not be subject to tax currently, but will result in a corresponding reduction in a shareholder's basis in Fund shares and in the shareholder's recognizing more gain or less loss (that is, will result in an increase of a shareholder's tax liability) when the shareholder later sells Fund shares. Distributions in excess of a shareholders' adjusted tax basis in its shares are generally treated as capital gains. The Fund's distribution rate will vary based upon the distributions received from underlying investments. The Fund can make no assurance as to what percentage of the distributions paid on the shares will consist of tax-deferred return of capital.

For information about the Fund, please contact your Financial Advisor.

Contact Information

  • Financial Advisors/Analysts only please contact:
    (800) 651-2345

    Media Relations please contact:
    (646) 839-5543

    Website: www.centercoastcap.com/cen