Closed-End Funds Vedder Service
Vedder Price has extensive experience with all aspects of closed-end fund organization, product structuring and ongoing registration and compliance matters, including registration statements, contested proxy statements and tender offer statements.
Our innovative product offerings include the first initial public offering of a closed-end fund investing in master limited partnerships (MLPs) and, at the time, a novel structure for bring-downs from a shelf registration.
Our experience encompasses every type of offering used by closed-end funds, such as initial public offerings, shelf registration statements, at-the-market offerings and Rule 144A offerings for preferred stock.
Additionally, we have experience with traditional closed-end fund structures, as well as interval funds and 1940 Act-only registered funds, with a particular emphasis on fund of funds.
We have represented closed-end funds in the negotiation and structuring of a wide range of leverage techniques, including secured credit facilities, commercial paper conduits and margin loans, and in the issuance of auction-rate preferred shares and notes, term-preferred shares, variable-rate preferred shares and extendible notes.
We also have represented closed-end funds with respect to complex multi-fund reorganizations and have advised funds and boards on refinancings of auction-rate securities, dissident shareholder activity and lift-outs, roll-ups and acquisitions of other funds.