Form 4: Prudential Financial Inc. Reports Share Exchange in ClearBridge MLP & Midstream Total Return Fund Inc. Merger

Prudential Financial Inc. reports a share exchange related to the merger of ClearBridge MLP and Midstream Total Return Inc. (CTR) into ClearBridge Energy Midstream Opportunity Fund (EMO).

Summary

• Prudential Financial Inc. filed a Form 4 regarding a transaction involving ClearBridge MLP & Midstream Total Return Fund Inc. (CTR).
• The transaction occurred on September 9, 2024, and involved a share exchange related to the merger of CTR with ClearBridge Energy Midstream Opportunity Fund (EMO).
• 366,667 shares of CTR Series E Mandatory Redeemable Preferred Stock were exchanged for EMO Series M Mandatory Redeemable Preferred Stock at a price of $30.
• The shares are indirectly owned by Prudential Financial, Inc. through its wholly-owned subsidiary, The Prudential Insurance Company of America.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing related to a corporate merger. The sentiment is neutral as it simply reports a transaction.

Industry Context

This announcement reflects ongoing consolidation and restructuring within the MLP and midstream energy fund sector, as companies seek to optimize their portfolios and improve efficiency.

Stakeholder Impact

• Shareholders of CTR experienced a share exchange as part of the merger with EMO.

Key Dates